Sarasota developer files for bankruptcy protection
Sarasota developer Roger Van Wie, who participated in a series of ill-fated residential development projects at the height of the real estate boom, has filed for Chapter 13 bankruptcy protection, listing $620,801 in assets and just over $1 million in debts.
Van Wie’s principal asset is an 1,809-square-foot house 5214 Avenida Del Mare in Siesta Key that he bought for $795,000 in June 2004 and is now estimated to be worth $595,000.
Bankruptcy court records show that two loans totaling $843,000 are outstanding on the house.
Between May 2005 and February 2006, Van Wie and his partner Jack LeFrock paid $8.8 million for five building lots west of Tamiami Trail in Sarasota and eight building lots on Siesta Key, with the majority on or near the water.
Their plan was to build one-of-a-kind homes on these sites.
To finance their developments, LeFrock and Van Wie borrowed nearly $10.6 million from a bevy of commercial lenders that included Fifth Third Bank, Orion Bank, Freedom Bank, Insignia Bank and Flagship Bank.
But because of the downturn in the market, they ended up defaulting on most of their loans.
Here is a list of Van Wie’s principal creditors:
Creditor – Amount Owed
Aurora Loan Services – $773,000
Chase – $51,258
Bank of America – $29,691
Citi Card – $20,272
Advanta Bank – $15,427
Barclays Card Services – $12,503
American Express – $11,312
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