Gold Coast Developers Acquire Oheka Castle for $72M, Securing Development Rights
Gold Coast Property & Estate Management LLC, led by Ronald Browning and Paul Alflen, won the auction for Huntington’s Oheka Castle for $72 million. The sale, conducted by Concierge Auctions, resolves the property’s Chapter 11 bankruptcy and grants the buyers rights to build up to 95 condominiums. Outgoing owner Gary Melius, who faced significant debt, expressed relief that the sale clears his financial obligations and allows him to remain involved in operations. While the price is significantly lower than the $137 million appraisal, the deal includes development rights that were a key factor for bidders. Neighbors expressed cautious optimism, particularly regarding Melius’s continued involvement in community events, though concerns persist about the planned housing development.