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Jul. 5, 2013

Properties, Including Iconic Red Rose Inn, to Be Auctioned Under Chapter 11

By Georgiana Mihaila, Associate Editor

Pending bankruptcy court approval, Red Rose Inn & Suites in Plant City, as well as other remaining properties owned by the Madonia family, will see a change in ownership through a series of live and online auctions that are to be held in August.

According to the Tampa Bay Business Journal, Evelyn and Batista Madonia filed for Chapter 11 bankruptcy reorganization in March for a number of companies they own. Among them is the East Coast Brokers and Packers, the entity that owns the Red Rose. The publication reports that the bankruptcy petition estimated $50 million to $100 million in debts.

The decision to hold the auctions follows the recent appointment of Gerard A. McHale, Jr., as Chapter 11 Trustee by the United States Bankruptcy Court, Middle District of Florida, Tampa Division.

“The recent appointment of the trustee clears the way for the liquidation of the considerable assets through a series of auctions,” said Ken Nofziger, president of Murray Wise Associates LLC, which will conduct the auctions in cooperation with Crosby & Associates.

Red Rose Inn & Suites is located in Plant City, in proximity to local attractions, such as the Dinosaur World Museum. Regional points of interest also include Polk Museum of Art and Joker Marchant Stadium. The Inn features a restaurant, a bar/lounge, an outdoor pool and a fitness facility, as well as small meeting rooms and audiovisual equipment. The Red Rose Inn stopped welcoming guests a year ago, when the property was shut down.

Image courtesy of Expedia