The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
VALPARAISO PROPERTIES BOUGHT
BY WEALTHY CHICAGO CAPITALIST
James e. PIew Buys All Assets OF
Every Kind and Character for the
Sum of $46,500.


All holdings OF the bankrupt Valpa-
raise Development company went
under the hammer in the federal court
Yesterday and were sold to James r.
Plem. wealthy Chicago business man,
for the sum of $46,50o, upon recon-
mendation Of william III. Knowles.
trustee in bankruptcy.
The Unit Holders Protective asso-
citation submitted second bid, but
a. was turned down. In this bid the
association proposed to buy the hold
ings for the sum of $4,000. OF this
amount $4,000 was to be paid at once,
$4,000 on March 5 and the remaining
$4,000 on June 8. There was some
question about the check for S5'ooo
which was submitted with the bid.
In his offer Mr.. Plew agreed to BUY
aall assets of every kind and charac-
ter belonging to the said bankrupt
estate" 1t is understood that he VIII
take over the property and VIII SUD
ject it to further development. There
are 1900 acres of land included In
the assets of the defunct company, TO-
Gated in one of the most beautiful sec
lions of Florida. On this vast tract
has been built what Is known as tine
wonder city," Ideally located on the
shores of Choctawhatchee bay.
Mr.. PIew will have O representa-
tive to take care of his interests there
and contemplates mating a further
conversion of the yale of Paradise
into a resort for people of the north
bv building other villas and develop
ing the already large agricultural
project.
Tho offer submitted by William
Fisher. attorney for the purchaser, and
confirmed by Judge William B. Shep-
pard, is as follows:
The Offer.
IT offer the sum of $46,5o0, payable
az o0O cash as a forfeit and the balance
of s41,50o on or before 10 days from
this date. The said property to be
sold subject to all liens and incum-
FRANCES except labor claims.
cas- part Of the offer, propose, and
IN the event my offer is accepted,
agree, for the benefit OF all unit hold
ers. who at the time of the filing of the
petition in this matter, held unfor-
fetted contracts with the bankrupt the
protection afforded under the follow
ing alternatives, provided an election
is made within 60 days from the date
of the sale to me, and provided upon
such election the electing unit holder
win withdraw from these proceedings.
his proof of claim:
aFor all moneys paid TO the bankrupt
and applied upon cane acreage con-
tracts or upon stock farm contracts,
or found by some competent court
having jurisdiction therein to be APP
plicable to such contract, / will give
credit on account of land or villa sites
upon the following conditions, viz: If
the credit for money already paid to
the bankrupt amounts to the sum of
s1,25O, I will cause to be conveyed by
a good and sufficient warranty deed,
in fee simple, 10 acres of land either
in the cane farm or the vicinity there
of, as the case may be. In the event
the amount of money which has been
paid to the bankrupt on account or
such contracts amounts to less than
$3.50, the unit holder desiring to take
advantage Of this proposition for such
land, shall first pay 10 me the sum
sufficient to make up the sum OF
$3.50, including what he has already
paid the bankrupt. In lieu thereon, at
the option of the unit holder, l VIII
give him credit on account of the pur-
chase price of a villa site, at the con-
tract price thereof, for 80 per cent OF
such money as he has paid the VAL
paraiso Development company on ac-
count of the cane acreage contracts or
stock farm contracts, such credit to
be applied upon such villa site as had
been regularly allotted to the pur-
chaser at the time of the petition here
in. Or in the event no villa site had
been allotted, another villa site from
the unaIlotted villa sites. The selec-
ton of the unallotted villa sites shall
be made by lot, so that no one unit
holder will be preferred over any other
unit holder for the desirable villa sites
In the event any unit holder has paid
on account OF the purchase price OF
villa site, I will convey TO him the
villa site upon the payment TO me OF
a sum sufficient to make up, together
with the amount he may have paid
the bankrupt, the purchase price OF
the villa site as provided in the con-
tract.
"As a condition to this offer, It is
stipulated that conveyance will be
made to me OF the legal title OF all
real estate and Corr personal property
which is being held by any other per-
son or persons, firm or corporation,
for the Valparaiso Development COM
pany, and also that all moneys paid
to the trustee for any OF the assets of
the estate. from and after this date
shall be turned over to me. as my
property"