Content area
Full text
There is a $153 million offer on the sand for the bankrupt Roney Palace Beach Resort, one of the largest buildings in Miami Beach.
Low-profile New York real estate investor Joseph Chetrit and Manhattanbased Chetrit Group is the stalking horse for the Roney, bankruptcy filings show.
A stalking horse is a company chosen from a pool of bidding companies to make the first bid on a bankrupt company or asset. Once the first bid is in, other potential buyers may submit competing bids for the distressed company's assets. In essence, the stalking horse sets the bar so other bidders can't low-ball the purchase price.
"It's grossly overpriced," said one real estate analyst familiar...