Bankrupt East Coast Brokers & Packers To Sell Off Assets

Posted by Paul Rusnak|May 23, 2013

Farms, packinghouses, labor camps, a luxury hotel, a former Bible college and a number of other properties owned by East Coast Brokers & Packers Inc. and the Madonia family will be offered for sale in a series of sealed bid offerings in June and early July.

National agricultural real estate marketing and financial advisory firm Murray Wise Associates, in cooperation with Crosby & Associates, is handling the offerings for East Coast Brokers & Packers, its shareholders and related entities, which filed Chapter 11 bankruptcy in March.

“After two years of freezes on its Florida farms, a hurricane on its Virginia farms in 2011, and years of challenges resulting from years of cheap imports, a Chapter 11 filing was needed to provide the Madonia family an opportunity to sell assets in an organized fashion. This process will provide enough liquidity to satisfy creditors and allow the Madonia family to reorganize and carry on its operations,” said Ken Nofziger, president of Murray Wise Associates.

Each group of assets will have a sealed bid submission date, followed by a court-supervised auction for qualified bidders:

More than 7,000 acres of Florida farm and development land in Martin, Hillsborough, Polk, and Manatee counties; two packinghouses; a former Bible college, and several labor camps. Bids will be due by 5 p.m. Thursday, June 20.
Thirteen farms totaling approximately 3,000 acres; four packinghouses; seven labor camps, and several homes in Accomack and Northampton counties in Virginia. Bids will be due by 5 p.m. Thursday, June 20.
The Red Rose Hotel in Plant City, along with luxury condominiums in Naples and Stuart, as well as other houses and properties not directly related to the tomato business. Bids will be due by 5 p.m. Friday, July 5.
Commercial and residential buildings in Virginia, West Virginia and Pennsylvania, including warehouse and cold storage facilities, industrial and residential lots, and several luxury homes. Bids will be due by 5 p.m. Friday, July 5.

For more information about the properties, visit MurrayWiseAssociates.com.