Despite earlier demurrals, it appears Gurney's will be sold. But with half the units being timeshares, how will that work? The timeshare owners agreed to accept an offer from a company called 290 Old Montauk Associates, a company headed by George Filopoulos, a New Jersey developer (and Montauk homeowner) who flips large distressed real estate projects. Cost of purchasing most of the timeshares will be about $12.5 million. Most of the voting stock of the company that owns the rest of the units and operates the resort belongs to a trust which will be purchased by Filopoulos for about $12.5 million. In 2018, after straightening out the financial messes of the timeshare model for the resort, Filopoulos intends to sell the entire property.
· Troubled Gurney's Nears Sale [EH Star]