WCI Communities Sells Tuscany Reserve near Naples to a Foreign Investment Group

Palm Coast, FL – May 29, 2008 – WCI Communities, the developer of Hammock Dunes condominiums has trimmed its assets with the sale of its North Naples development, Tuscany Reserve, to a foreign investment firm, AB Naples LLC for $65 million. The private golfing community consists of 370 acres.

 

WCI recently announced a first quarter 2008 loss of $84.1 million and more than $500 million in 2007. WCI is located in Bonita Springs, Florida.