GTE FCU Buys Back Prep School At Foreclosure

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MANATEE, Fla. – GTE FCU, which held a $3.7 million mortgage on the property, bought back Bradenton Preparatory Academy’s west Bradenton campus at a foreclosure auction last week for $100.

The credit union was the only bidder on the property.

The online auction was ordered in April after GTE won a foreclosure judgment against the private school’s owner, The Children’s Place Inc. The school, which runs from kindergarten through high school, stopped making payments on a $4.1 million loan it borrowed from the credit union in 2004, the foreclosure claims.

 

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