Saddled with millions in debt, a local resort and timeshare company has sought the safe haven of bankruptcy.
![Read the bankruptcy filing [PDF]](/wp-content/uploads/2014/06/Land-or-filing-page-001.jpg "Timeshare / resort firm files Chapter 11 1")
Read the bankruptcy filing [PDF]
Its largest debts listed in the initial filing include $7 million owed to both the Cathedral of the Sacred Heart and St. Mary Roman Catholic Church. Land’or is disputing those claims, the records show.
Another $4.25 million in debt is claimed by Club Land’or (Nassau) Ltd., the company that operates its resort on Paradise Island in the Bahamas. Land’or International’s other debts include money owed to local law firms, accounting firms, and individual Richmonders.
Its assets were listed at a value of $0 to $50,000.
Messages left for Land’or International CEO John Holt were not returned by press time. Elbert Holt Jr., the company’s CFO, is listed on its bankruptcy filing.
Land’or International’s headquarters are on Staples Mill Road in Richmond. Photo by Michael Schwartz.
The company, headquartered at 2120 Staples Mill Rd., is represented in its bankruptcy case by Washington, D.C. attorney Dawn Stewart of the Stewart Law Firm. She declined to comment when initially reached by phone and did not return subsequent messages.
Land’or lists various arms that operate reservation, travel, concierge and marketing functions, according to its website.
Among the properties listed on its site are Club Land’or Resort and Lake Land’or, which it describes as a 3,000-acre resort between Richmond and Fredericksburg.
Club Land’or reportedly fell behind on payments to its employees, according to a report from the Bahamas last year. A Bahamas news site reported last summer that Club Land’or had previously been put up for sale for $45 million.
Saddled with millions in debt, a local resort and timeshare company has sought the safe haven of bankruptcy.
Read the bankruptcy filing [PDF]
Its largest debts listed in the initial filing include $7 million owed to both the Cathedral of the Sacred Heart and St. Mary Roman Catholic Church. Land’or is disputing those claims, the records show.
Another $4.25 million in debt is claimed by Club Land’or (Nassau) Ltd., the company that operates its resort on Paradise Island in the Bahamas. Land’or International’s other debts include money owed to local law firms, accounting firms, and individual Richmonders.
Its assets were listed at a value of $0 to $50,000.
Messages left for Land’or International CEO John Holt were not returned by press time. Elbert Holt Jr., the company’s CFO, is listed on its bankruptcy filing.
Land’or International’s headquarters are on Staples Mill Road in Richmond. Photo by Michael Schwartz.
The company, headquartered at 2120 Staples Mill Rd., is represented in its bankruptcy case by Washington, D.C. attorney Dawn Stewart of the Stewart Law Firm. She declined to comment when initially reached by phone and did not return subsequent messages.
Land’or lists various arms that operate reservation, travel, concierge and marketing functions, according to its website.
Among the properties listed on its site are Club Land’or Resort and Lake Land’or, which it describes as a 3,000-acre resort between Richmond and Fredericksburg.
Club Land’or reportedly fell behind on payments to its employees, according to a report from the Bahamas last year. A Bahamas news site reported last summer that Club Land’or had previously been put up for sale for $45 million.
Most timeshare companies are taking advantage of people, often those who are more vulnerable and less able to resist hard sales tactics. I have heard of many cases where maintenance costs rise well above inflation. It would appear the timeshare companies lock people into contracts and then drive up their profits though increased maintenance charges. It would be good to see legislation whereby timeshare companies can only charge “reasonable” maintenance costs and not use this annual fee to fleece people’s bank accounts
I have always wondered what the name Land’or means … why is that apostrophe in there? Any info would be appreciated.
I would like to get out of this contract with Club Land’or because of the same reason of the maintenance fees. I was quoted a smaller amount at the time I purchased in the Bahamas. I was sent a bill from their office here in the US for triple the amount quoted. I wrote letters to them which were ignored.