As we have long predicted, “Front Yard LLC” has not been able to find investment capital for the implementation of a resort plan that made no sense from day one; a plan unsupported by market research and hospitality industry trends, even before the pandemic. Thus it has now been put up for sale as a private residence.
To recapitulate for new readers of this blog, including potential buyers:
Front Yard LLC is an investment shell within private equity real estate corporation Amstar. Amstar has never been a resort developer; they are a self-described “cradle to grave” fund that generates most of its return on exit.
The Travaasa brand was simply “feel good” smoke generated to enhance value in the short term and maximize profit on exit. Where is Travaasa now? Sold.
And what about the President of Travaasa Adam Hawthorne, who assured local boards during countless meetings of his firm commitment to build a global upscale wellness brand that would thrive for decades to come? Well, at least he is still at Amstar, though no longer any mention of Travaasa.
Also of interest: According to the Registry of Deeds, Elm Court LLC (the previous owners) still holds a promissory note for $8 million at 0% APR; the note has not been discharged.
The neighborhood would of course extend a warm and grateful welcome to a new owner willing to undertake a responsible and environmentally sensitive renovation and restoration of the estate, that may only be feasible/sustainable within a vastly reduced footprint for the rambling pile at its heart; so be it!
As we have stated from day one, we would also welcome and support a limited residential development such as Winden Hill or Bishop Estate. That said, knowing what we know about the property: caveat emptor.