Treviso Bay, the troubled 1000 acre resort community in East Naples, has been purchased out of foreclosure by the Lennar Corporation, a new home builder headquartered in Miami.

Lennar had been piecing together the acquisition for several months after being assigned the mortgage notes this past May.  Lennar’s foreclosure auction bid of $100.00 does not include the undisclosed price paid for the mortgage. In addition, Lennar had to negotiate a seperate agreement to repay $64 million dollars in community development bonds used for roads and infrastructure work in the community.

Treviso Bay’s original developer, V.K. Development Corporation, was foreclosed upon by the lead lender Wachovia Bank in 2009, after sales dropped significantly during the beginning of the housing slump. The community,  on the South side of U.S. 41 just East of St. Andrews Blvd., is home to Southwest Florida’s only PGA Tour Tournament Player’s Club or TPC golf course.

Lennar has plans to open a sales center in the community sometime this Fall.