The owners of Gurney’s Montauk Resort and Seawater Spa have added to their realm of oceanside luxury offerings with the purchase of Panoramic View Resorts and Residence just next door for the sum of $63.9 million.
Lloyd Goldman and George Filopoulos, of BLDG Management and Metrovest respectively, bought the 10-acre resort under the title of Panoramic Partners LLC just two years after their purchase of Gurney’s Inn. In a statement they said they are in the third phase of a multi-year renovation of Gurney’s Resort.
“It is a one-of-a-kind oceanfront destination and we look forward to unveiling a lifestyle ownership opportunity in 2016,” they said of the Panoramic purchase.
The new owners said they expect the units to be put on the market by the spring.
The property, made up of 12 oceanfront townhouses, three beachfront cottages and 50 hotel rooms situated on 1,000 feet of ocean beach, was formerly owned by investment fund manager Brian Callahan and real estate developer Adam Manson, who were both charged in a Ponzi scheme in August 2013.
On Thursday, New York Eastern District Attorney Robert Capers announced in a press release from the United States Department of Justice that the property and its shares had been sold on December 7 in a court-ordered sale, with the $40 million net profit to be returned to victims of the scheme.
The release went on to say that Mr. Callahan and Mr. Manson, who are brothers-in-law, bought Panoramic View in 2007 using the proceeds of the $96 million Ponzi scheme under an LLC called Distinctive Ventures.
“Brian Callahan, assisted by Adam Manson, orchestrated one of the largest Ponzi schemes in Long Island history,” said Mr. Capers . “This unprecedented sale exemplifies the importance of using civil forfeiture to ensure that assets will be available to repay fraud victims.”