Hammock Dunes Tower Condo Builder Selling Assets

Financially troubled WCI is rumored to have sold off its luxury Tuscany Reserve near Naples, FL.

December 26, 2007 – Palm Coast, FL – Financially troubled WCI, the builder of Hammock Dunes’ tower condominiums, is rumored to have struck a deal to sell off its showcase Tuscany Reserve community near Naples, FL to another developer for a price that may exceed $50 million. Reports say the buyer is Anthony Salce, with Gulf Coast Development Group LLC in Naples in Southwest Florida.

The exclusive golf course community is located on the west side of Interstate 75 near the Lee and Collier county line. Price-wise, Tuscany Reserve was WCI’s most ambitious project to date. They expected to sell a limited number of luxury homes in the $2 million to $5 million range with a golf membership running $200,000. Plagued by its location adjacent to I75, by high voltage power lines running through the property, and a depressed real estate market, the community never gained traction.

WCI faces an uncertain future. Investor Carl Icahn recently took over as Chairman of the Board. The CEO and CFO resigned. Their credit facility came under technical default and was recently extended by lenders for one month until January 7, 2008.