Sold at Auction: The Serenata Beach Club in Jacksonville

By Elias DaSilva | September 16, 2024

After the foreclosure ruling on the Serenata Beach Club was issued to North American Trading Group Inc., the owners of the property, the auction of the property was carried out. Located in Jacksonville, specifically in Ponte Vedra Beach, the club was sold for $1.5 million. 

Despite the owners making various changes, such as increasing membership fees, charging higher rates for fitness classes, banning members from bringing in food and drinks, and charging for the use of beach chairs and umbrellas, they were unable to improve their financial situation. Due to this crisis, they stopped paying the staff and were forced to temporarily close the club.

In 2022, the Serenata Beach Club had taken out a mortgage, but due to numerous financial problems and failure to meet mortgage payments, the financial company sued them. In July of this year, after going through the foreclosure process, a judge ruled in favor of the mortgage lenders, to whom a total of $14 million was owed.

With the auction decreed, those wishing to participate had to make a 5% cash deposit of the property’s value in advance. At the time, the property was appraised at $4.46 million, according to the St. Johns County property appraiser.

Initially, it was said that at least four parties intended to bid for the club. However, only two bidders met the requirements to participate, with offers of $900,000 and $1.5 million, respectively.

After the auction, Kristen Merritt, Vice President of North American Trading Group Inc., stated: “In the coming days, the new interim management team will be introduced to ensure a smooth transition and continued excellence of the club.”

According to state records, the property was sold to a local family in Saint Johns, the Merritts, who own the Delaware corporation.

Available Foreclosures:

Ponte Vedra Beach: 3
Jacksonville: 5