Teitelbaum, partners buy Tropic Isle resort

BUYER: Seaside Resort Holdings LLC (principal: David Teitelbaum), Bradenton Beach

SELLER: OB Florida CRE Holdings LLC

PROPERTY: 101 N. 22nd St., Bradenton Beach

PRICE: $1.14 million

PREVIOUS PRICE: $3.95 million, September 2008

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION: Bradenton Beach developer and resort operator David Teitelbaum and his partners purchased the 15-unit Tropic Isle Beach Resort for $1.14 million.

The price equated to $75,687 per unit.

The same ownership group already owns and operates the SeaSide Inn Beach Resort across the street.

“The property was in pretty bad shape,” Teitelbaum says. “It needs a lot of work. We convinced the bank to do some substantial work on it before we would buy it. We're still planning to invest another half million to fix it up.”

The resort is scheduled to reopen in mid-February.

Tropic Isle will become the fifth Bradenton Beach resort operated and marketed by Teitelbaum's Anna Maria Island Resorts. The resort and condominium management company handles the TradeWinds Resort, SeaSide Inn Beach Resort, Old Bridge Village and Tortuga Inn Beach Resort.