Legacy Lifestyles: five Florida lots sold, and a claims call for Ocoee

The land at 934 Roberson Road in Ocoee, Florida, was meant to carry a senior care facility. So were four other Florida parcels, on Beach Drive in Destin, County Road 466A in Wildwood, Marsha Drive in New Port Richey and Summerlin Road in Fort Myers, each owned by its own Delaware LLC. The money came from investors who lent to Manitoba limited partnerships, which lent it on, secured, to the project partnerships and the LLCs that held title. When Zeifman Partners Inc. was appointed receiver in February 2022, the projects were "in various stages of pre-development and the subject of litigation amongst the parties. No construction activities had commenced." The receiver puts what the investors were owed at that date at approximately US$33.7 million, plus interest, all of it unsecured, per the Ninth Report of the Receiver, Sept. 15, 2026, paras. 1, 3–4, 9–10.

By July 8, 2026, all five had been sold. On September 25, Justice J. Dietrich of the Ontario Superior Court of Justice (Commercial List) approved a claims procedure against the three Ocoee debtors, making Ocoee the third of the five parcels to reach a claims call, and approved the receiver's Ninth Report; the receiver says it "is now working towards completing its administration of the estate, including the distribution of the proceeds of sale of the Ocoee Property," per the Endorsement of Justice Dietrich, Sept. 25, 2026, paras. 6, 11, 13 and the Ninth Report, Sept. 15, 2026, paras. 12–16.

A refinancing plan, then a sale

The receivership began as an interim resolution of two proceedings. Before Justice Conway on February 11, 2022 were an action by investors, Berkid Investments Limited et al. v. Milborne et al., and an application by, in her words, "Mr. Zweig's clients (Gregory Marchant et al)." "Both concern the proposed development of five properties in the U.S. by Mr. Marchant," she wrote. "It is hoped and expected that the Receiver will be able to refinance the properties rather than sell them over the next six months, resulting in enhanced value to investors." The receiver would retain an inspector, Cohen Hamilton Steger & Co. Inc., "to examine how the investors' funds have been spent," with the plaintiffs funding the investigation in the first instance, subject to a right to claim reimbursement later. The investors' action was stayed; counsel for two of its defendants did not oppose the stay but reserved the right to move to lift it and bring summary judgment motions to dismiss the action against their clients, per the Endorsement of Justice Conway, Feb. 11, 2022, pp. 1–2. The order consolidated the two files under the receivership's number, and all future filings were to carry both numbers, per the Amended Receivership Order, Feb. 11, 2022, paras. 16, 43. The U.S. Bankruptcy Court for the Middle District of Florida recognized the receivership as a foreign main proceeding on May 9, 2022, per the Ninth Report, Sept. 15, 2026, para. 2.

In September 2022 the court approved a Development Services Agreement between the receiver and N21 Group, LLC for the projects, per the Order, Sept. 20, 2022, para. 6(a). Eight months later the receiver was back for a sale process. It was "obligated to engage a realtor to sell the Real Properties in their current condition, as a condition of the Receiver's financing," Justice Steele recorded on May 23, 2023, in approving the receiver's retention of CBRE and the process, per the Endorsement of Justice Steele, May 23, 2023, paras. 5, 7, 11. The lender was Hillmount Capital Inc., which registered mortgages against each of the five parcels as security for the receivership loans, per the Eighth Report of the Receiver, May 19, 2026, para. 55. The receiver's cumulative statement of receipts and disbursements still carries the development work under a heading for N21: a developer, architects, civil and building engineers, landscape and interior designers, an operator and a market study, US$224,000 of it for the developer, per the Ninth Report, Sept. 15, 2026, App. "E".

What the five fetched

The Ninth Report gives the closings in order: Destin on March 1, 2024, Trailwinds on August 1, 2024, Longleaf on October 17, 2025, Ocoee on June 30, 2026 and Fort Myers on July 8, 2026. The appended statement records sale receipts of US$4,025,000 for Destin, US$4,000,000 for Trailwinds, US$1,722,500 for Longleaf, US$3,200,000 for Ocoee and US$1,200,000 for Fort Myers, US$14,147,500 in all, per the Ninth Report, Sept. 15, 2026, para. 12 and App. "E".

Destin and Trailwinds were enough to pay priority claims and distribute amounts to their investors, per the Ninth Report, Sept. 15, 2026, para. 13. After claims processes on each, Justice Osborne approved distributions of their net proceeds on September 25, 2024; Gregory Marchant had filed proofs of claim against both sets of debtors, the receiver had partially disallowed both, and counsel confirmed there would be no further objection, per the Endorsement of Justice Osborne, Sept. 25, 2024, paras. 1, 6, 8. The receiver's statement records an "Interim Distribution to Lenders" of US$3,383,794 from Trailwinds and US$2,934,672 from Destin. Longleaf and Fort Myers were not enough: their proceeds were "insufficient to satisfy the priority claims of the Receiver's lender pursuant to the Receiver's Borrowings Charge, and the professional fees of the Receiver and its counsel," and the receiver does not intend to run a claims process for either, per the Ninth Report, Sept. 15, 2026, para. 15 and App. "E". In May the receiver had put the Fort Myers investors' unsecured claims at approximately US$5,765,000 and said it anticipated insufficient net proceeds of that property for a distribution to the investors and other creditors on it, per the Eighth Report, May 19, 2026, paras. 62–63.

Ocoee, relaunched twice

CBRE launched Ocoee, with three of the other parcels, on July 18, 2023. The first round brought two offers: one below the expected price range, and one from a party that withdrew. Relaunched on January 26, 2024, the property was listed at US$4,200,000. After CBRE's Florida listing expired in July 2024, Eshenbaugh Land Company LLC was engaged, and the property relaunched on July 15 at US$3,800,000, an asking price later reduced to US$3,200,000. Seven offers came in between July 2024 and March 2026 and produced two conditional agreements. After signing the first, "the purchaser requested a significant price reduction and the agreement terminated on November 12, 2025," per the Eighth Report, May 19, 2026, paras. 42–48.