Back in April, we reported on speculation that the timeshare owners at Gurney's had accepted an offer from 290 Old Montauk Highway Associates, a company headed by George Filopoulos, a New Jersey developer (and Montauk homeowner) who flips large distressed real estate projects. Cost would be about $25 million. And on May 29, 290 Old Montauk Highway Associates became the owner of the Montauk landmark. By 2018, after straightening out the financial messes of the timeshare model for the resort, repairing and updating the property, Filopoulos intends to sell the entire thing. Timeshare owners quoted in the East Hampton Star seemed happy with the deal.
· Gurney's Inn Has New Owner [EH Star]