Central National Life Insurance Company Jacksonville Illinois – Not to be confused with the still-operating Port of the Islands Adventure Resort, the Port of the Islands Resort, on the north side of the Tamiami Trail, is part of Florida’s best hideaways.
Leonard and Jack Rosen began their business careers as salespeople in Baltimore. In 1957, using their earnings and high interest loans, they bought 103 square miles of mangrove swamp in the Florida Everglades with the goal of selling the land to future homeowners in the Midwest and Northeast of the United States. Selling swamps to wealthy northerners was and still is a practice found throughout Florida, with many examples found on the Treasure Coast.
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In 1957, the Cape Coral community was planned and the Gulf American Land Corporation (GALC) was formed to develop the area.
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Gulf American Land Corporation organizes tour days for prospective buyers using its own airline, Gulf American Airlines. Using five Douglas DC-3s, people were flown from Miami to Fort Myers Page Field, the area’s closest airport, and then bused to the infrastructure. Beginning in 1958, GALC contracted with Modern Air to fly hundreds of passengers from the Northeast and Midwest to Miami, where they flew Modern Air’s Curtiss C-46s and Gulf American Airlines’ DC-3s en route to Fort Myers. . . These flights are part of GALC’s free sales program and the flights are free to all participants, who receive free meals on board each leg of their journey. In the end, GALC’s business accounted for 25% of Modern Air’s total business.
Instead of borrowing money from banks and lenders, developers create promissory notes to pay for infrastructure. Plans are also sold to protect themselves against buyers who try to renege on the contract after a sudden change of heart and give potential buyers defaulters. Canals, paved roads, houses and construction businesses. By 1963, the community had a total population of 2,850 people, with 1,300 houses completed or under construction.
Between the 1950s and 1960s, Gulf American Land Corporation was the largest real estate company in the United States. On June 29, 1966, Modern Air became the sole shareholder of GALC after purchasing all of the airline’s shares. With a price of 807,000 dollars.
Using the same model to repeat their success in Cape Coral, Golden Gate Estate was placed, in the southeast corner of Cape Coral. The 175 square meters of land is divided into 1.25 hectares of real estate and sold to uninterested buyers for more than $15,000 with an asking price of about $3,000.
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GALC has built 183 miles of roads and dug 813 miles of drainage. The fill created by excavation was used to improve the land to comply with legal requirements for minimum building heights. The canal dumped 233 billion gallons of fresh water a year into the Bay of Naples, lowering the coastal sea level and lowering the groundwater level by 2 feet. Because of this, the Florida Department of Business Administration adopted real estate reform in the 1970s because of abuse.
Potential buyers and investors drove to a small airport nearby, and because of the remote area, a resort called Remuda Ranch Grants was also established in 1967. At Remuda Ranch, they saw the image of Cape Coral, a thriving community with churches, schools and. business, and think that GALC will give them the success of Golden Gate Estates.
The poster advertises the resort with the following description, “Remuda Ranch Grant’s Boatel-a large Spanish-style ranchero with a beautiful clubhouse “hacienda,” plus guest meals and 150 giant boats. Also includes: bicycle, four-mile race. Track, hunting dog kennels, archery, rifle, skeet and trap shooting, two swimming pools, swimming pool, health club, all out camping and some of the best hunting and fishing anywhere. . can be seen as a good vacation spot “received,” Remuda Ranch Grants – a bit of Old Spain on the Tamiami Trail, 23 miles south of Naples, Florida.
But unlike Cape Coral, raw land is sold here; The only things that were promised were roads and canals, which meant no electricity or public services, and no other construction by GALC. In 1967, the state of Florida ordered GALC to suspend all sales for 30 days after being accused of fraudulent sales.
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In 1969, Jack and Leonard Rosen sold GALC to General Acceptance for over $200 million and each received another $100,000 in cash, plus about $63 million in General Acceptance stock. General Acceptance Company was first established in 1933 in Allentown, Pennsylvania, primarily focused on automobile insurance. In the 1950s, general liability expanded into insurance, consumer and real estate finance, then expanded into transportation and manufacturing equipment in the 1960s.
GAC Properties, as it is now called, expanded its operations and began flying potential clients to Arizona to view the new Rio Rico development. Due to the economic depression caused by the oil crisis of 1973, a contract with Modern Air to fly a land buyer from the Northeast and Midwest to view his properties in Arizona and Florida was canceled.
Rising interest rates increase GAC’s borrowing costs, making it difficult for them to refinance the company’s public debt. In addition, GAC’s poor environmental record and conflicting sales led to negative reactions from authorities, consumers and the environment and the community. These factors combined to cause a reduction in infrastructure and the closing or elimination of non-student operations, including GAC’s computer rental business and Modern Air.
By 1974, construction on Golden Gate Apartments was only 10 percent complete, and by this time city officials realized that the project, with its gravel roads and zero or dirty water, could not support many lots. . That year, the city lowered the property requirement, requiring at least 2.25 acres to build a home. In 1975, GAC filed for Chapter 11 bankruptcy protection.
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At this time, the city is responsible for maintaining the roads in the Golden Gate Estates area. In 1985, the state began purchasing lots south of the Golden Gate Estate as part of the Conservation Lands and Sites. own. Acquisitions are slow due to the administrative burden of contacting 17,000 overseas owners.
Named Picayune Strand State Forest in May 1995, it is Florida’s fourth largest state forest and is named for the largest cypress species that once occupied most of the Eastern Tooles. In 1998, the federal government provided a $25 million grant to help complete the land.
Next to the south where the GAC office, resort and airport are located, the ownership changed in the next few years until finally, the Adventure Resort, port and hotel later he worked under separate owners. The community called Port of the Island began in 1994 when the first residential building was built and is where everything in this small area gets its name.
Although I couldn’t find any real evidence or reports, there is a story of the abandoned Golden Gates property being used as a hangar for Douglas DC-3s in the 1970s, bringing films from South America. Some people in the area still say that the hotel was run by a movie maker in the 1980s.
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Satellite image of the Picayune Strand State Forest. From this point of view, it is clear that the Golden Gate real estate installation plan because the dirt road is still visible today.
The hotel was purchased by Gopal Motwani and his wife Nirmala Motwani in 2002 for $275,000. According to him, he spent more than $200,000 to renovate the hotel, which had been empty for several years, including Buying and installing furniture. New electrical system, sprinkler system and carpet. The hotel didn’t open until 2006 because of what Gopal claimed was a $133,000 annual tax bill. The Port of Islands Hotel operated for seven years before closing in 2013. At that time, Gopal had $548,446 in unpaid taxes and more than $1.16 million in debt that Motwanis took out in July 2005. of the Bacardi Foundation.
Over the years of operation, guests have complained about lost doors and broken locks, Bed bugs, kicked in the door, rusty faucet, peppery smell, deserted lobbies and pea-green lake. The lake was permanently closed after years of failed inspections by the Florida Department of Health. The Adventure Resort across the street is no stranger to the staff described as “drinkers and capsuleers” who have long stayed at the Port of the Islands Hotel, come to share the Adventure Resort’s pool. Adventure resorts and hotels with similar names as well