Copperline Partners has paid $9.8 million for a former timeshare resort on the Palm Beach waterfront.
In a bankruptcy sale, an entity controlled by Copperline chief executive Adam Schlesinger purchased the Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard, records show. Copperline, a West Palm Beach-based commercial real estate company, financed the purchase with a $5.7 million loan from Maxim Credit Group.
The station’s condominium syndicate, as debtor in possession, sold the two-story, 29-unit building. Palm Beach Resort & Beach Club was completed in 1982, records show.
U.S. Bankruptcy Court Judge Erik Kimball approved the sale in February, following the condo association’s June filing for bankruptcy liquidation. Schlesinger did not respond to phone messages seeking comment.
According to condo association bankruptcy filings, the board voted to sell the property to Copperline in May, about a year after 809 of 1,191 timeshare owners voted not to continue their timeshare ownership. . At the time of its bankruptcy petition, the condo association had about $20,000 in unsecured debt and about $1.2 million in assets, according to the bankruptcy petition.
Ido Alexander, the condominium’s bankruptcy attorney, said the association was in good financial shape. “Bankruptcy was a mechanism used to effect the sale as part of a simpler and more efficient approach,” Alexander said. “Now that the sale is complete, we are in the distribution process.”
Alexander said proceeds from the sale and $1.2 million in association assets will be divided among the former timeshare owners.
Copperline owns six multi-family and hotel properties in Palm Beach, Sunrise, Tampa and Little Torch Key, as well as real estate assets in Connecticut, New York and Pennsylvania, according to the company’s website.
Among the company’s Palm Beach properties is the Ambassador Hotel Cooperative Apartments, less than a mile north of the Palm Beach Resort & Beach Club. In 2019, Copperline purchased the former co-op at 2730 South Ocean Boulevard in Palm Beach in a bundle deal for $35 million.
A year later, Copperline sold an apartment complex in Coral Springs for $75 million.