The sale of the Serenata Beach Club was finalized in a rapid auction on Thursday, with North American Trading Group Inc., placing the winning bid of $1.5 million. The beach club, situated in Ponte Vedra Beach, became embroiled in controversy due to financial instability and subsequent staff payments being withheld, which garnered significant public attention, as reported by First Coast News and Jax Today. The sale was reportedly made to DLP Lending Fund LLC prior to the transaction with North American Trading Group Inc., and employees claimed that their previous unpaid wages, some amounting to thousands of dollars, were still unresolved.
Ahead of the auction, North American Trading Group Inc. was the recipient of an $11.6 million foreclosure judgment assigned by DLP Lending, though it remains unclear as per the purchase price of the debt. A mere two bids challenged the auction, with North American Trading Group Inc. emerging victorious with a bid of $1,500,100 over a remarkably lower offer of $900, News4Jax reported. The bidding process concluded in a matter of seconds, despite the property's assessed value standing at $4.46 million according to the St. Johns County Property Appraiser's records.
North American Trading Group Inc. announced its intention to stabilize the club's operations and eventually permit its members to take ownership. "In the coming days, we will be introducing new interim management personnel to ensure a smooth transition and continued excellence at the club," stated Kristen Merritt, Vice President of North American Trading Group Inc., according to News4Jax. Merritt also confirmed that the company is collaborating with Serenata Beach Equity Members to devise a strategy that would ultimately transfer ownership of the club to them.
Merritt's family, residents of Saint Johns, are noted as owners of the Delaware-formed corporation, North American Trading Group Inc. State records paint the picture of a locally-invested entity attempting to revitalize a struggling but valued community landmark. As the transition unfolds, concerns remain regarding the unsettled financial obligations to past and present employees. Local news outlets, such as First Coast News, continue to investigate whether the employees have received their overdue compensation, at this time, or if the sale will facilitate the resolution of these arrears.
