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Judge Approves Sale Of Cypress Gardens

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By Michael Sasso of The Tampa Tribune

Published: September 28, 2007

TAMPA - A federal bankruptcy judge has approved the sale of Cypress Gardens Adventure Park to a Mulberry-based land development firm.

After hearings Thursday, Judge John Laney III of the U.S. Bankruptcy Court for the Middle District of Georgia approved the sale of the Winter Haven park to Land South Holdings LLC for $16.8 million.

The park's current owner is Adventure Parks Group LLC of Valdosta, Ga. The sale is expected to close Oct. 15.

Adventure Parks Group has been under federal bankruptcy protection for about a year. It entered bankruptcy after hurricanes in 2004 ravaged Cypress Gardens and the company's insurance company declined to pay nearly $25 million for damage to the park.

Land South Holdings has not revealed its plans for the 71-year-old attraction. In a brief statement Friday, company manager Brian Philpot said, "We relish the thought of being a part of this park's storied history and ensuring the park remains an integral part of Central Florida's landscape."

Land South is retaining Kent Buescher, the head of Adventure Parks Group, as president and chief executive officer of Cypress Gardens.

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