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Home / News / Owners race to save Parliament House from auction gavel
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Owners race to save Parliament House from auction gavel
Posted by Agenda Florida on 7th October 2015
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ORLANDO—According to court documents, Parliament House, Orlando’s longest-running gay club, will be sold at a foreclosure auction the morning of Nov. 2, unless a last minute loan is approved in the weeks ahead. The venerable institution on North Orange Blossom Trail has been on shaky financial ground, despite having successful emerged from bankruptcy this year in February.

According to Orlando bankruptcy attorney R. Scott Shuker, who represents Parliament Partners Inc., the corporation is in the process of getting an additional $3.5 million in financing as part of an overall debt restructure being negotiated. Sources tell the Agenda that this loan is likely to be approved this coming Friday,October 9, giving the resort’s longtime owners Don Grantastein, president of Parliament Partners Inc.; Gerald Cadesky; and the Gardens LLC., some needed breathing room to repay debts surmounting $13 million. Should that loan not materialize, the property will be sold to the highest bidder on November 2.

The once-neglected gay resort, originally built in the 60s, has recently gotten a face lift, although much work still is needed on the property.  Its red-lettered sign on the Trail just west of downtown Orlando, has stood the test of time, announcing fund-raisers and concerts and other community events for four decades.

According to the Orlando SentineI, the resort’s recent financial woes began with its failure to repay $6.9 million in principal and more than $4 million in interest to a group headed by investor Kenneth J. Johnson of Torrance, Calif., according to the judicial ruling filed last week. In addition, the club and its nearby timeshares owe the taxpayers of Orange County about $1.9 million in property taxes going back to 2006, according to the county tax collector.

Despite past financial struggles, Shuker said he was “very confident” another loan would be approved prior to the November deadline. He was unable to say what group was considering making the loan.

About half of the 10-acre site is usable and includes the club, a pool and a 1960s hotel with 111 units. The property is valued at $4.3 million on the tax rolls.