What you need to know about the sale of the TI Yacht Club

The Treasure Island Yacht Club, a staple in the local community, now has a new owner. The sale comes after the club abruptly closed its doors in mid-August.

The buyer, TIY & TC LLC, purchased the 7.67-acre waterfront marina and club, located at 400 Treasure Island Causeway, in a roughly $15.1 million deal from businessman Bill Edwards.

Edwards purchased the club in 2009 after securing a $15 million mortgage loan. 

The buying entity is connected to Bank OZK executives Michael Atkins and Rhonda Clark.

The Arkansas-based bank specializes in large commercial real estate projects and lending. 

A source familiar with the deal said the out-of-state buyers likely consulted with the bank to purchase the property at a discount. According to Edwards, the new owners plan to continue to operate the marina. 

The 36,966-square-foot club features a wraparound swimming pool with a sundeck, a tiki bar, a dining restaurant, a 47-slip marina, six tennis courts, a fitness center and a venue space for weddings and events.

An April 2023 appraisal valued the property as-is at $18.99 million and the liquidation value at roughly $13.29 million.

This was a deed given in lieu of a foreclosure of the property, according to Pinellas County records. Last year, the yacht club filed for bankruptcy.  

A former report stated a buyer previously made a $27 million offer to purchase the club, but the current zoning limitations resulted in a withdraw of the offer. 

Edwards, who wanted to develop condominiums at the property, previously spoke about the issue he faced in changing the zoning and had filed a lawsuit against the City of Treasure Island due to the ongoing zoning dispute.

The source said the new buyers purchased the property at a lower cost because of nuisances in the restrictive zoning.