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Cypress Gardens Plans 'Significant' Changes

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TBO.com Staff Report

Published: January 2, 2008

WINTER HAVEN - The new owners of Cypress Gardens are planning to announce "significant operational changes" today at a 2 p.m. news conference at the park.

Rob Harper and Brian Philpot bought the park in October following a bankruptcy auction.

Their company, Land South Holdings, was the sole bidder on Cypress Gardens. It purchased the property for $16.8 million from previous owner and operator Kent Buescher and his Valdosta, Ga., company, Adventure Parks Group LLC. Mired in debt, Adventure Parks Group entered federal bankruptcy protection a year ago. It was driven to the measure, at least in part, because the theme park's insurer refused to pay for about $25 million in damage at Cypress Gardens caused by hurricanes in 2004.

Buescher also sold his second park, Wild Adventures of Valdosta, to an unrelated Georgia company.

Polk County property appraiser records show Cypress Gardens' real estate with an appraised value of about $13.7 million. The park also had tangible personal property, which may include its roller coasters and other facilities, worth at least $38 million, according to Sissy Long, chief deputy at the appraiser's office.

According to bankruptcy court documents, the park had long-term debt of at least $14 million as of Dec. 31, including about $3.4 million that was due. Total liabilities, including debt, came to between $24.4 million and $39.9 million.

At the time of the purchase, Harper and Philpot released statements expressing commitment to maintaining the park as an attraction and keeping Buescher on board to run it. However, Wednesday's news release makes no mention of Buescher.

Restrictions on the theme park make it difficult, if not impossible, to turn it into condominiums or some other development.

After years of struggling, Cypress Gardens closed in April 2003. Shortly thereafter, Buescher, the state of Florida and Polk County devised a $20.5 million plan to purchase the park from its previous owner and revive it. Buescher contributed $7 million, Florida pitched in about $11 million and the county put up about $2.5 million. As part of that purchase, the state received a conservation easement on the park that protects it from future development.

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