Page 19 - Gordon Pointe Proposal

EXPECTED TIMELINE
There is no empirical data to support a definitive timeline. A Crown Jewel sale of this caliber will be a
historical transaction, not only in the state of Florida, but also in the world. Nevertheless, based upon similar
ultra-high-end luxury properties we have sold on Gordon Drive, it is likely to take several seasons as the
end-user buyer profile is someone who is, more than likely, going to have half a billion dollars invested into
the property after redevelopment. This is a unique buyer profile – but it is obtainable. For a listing of this
significance, we would request, at a minimum, an 18 to 24 month term based upon our experience in the
sales of similar properties. Please keep in mind that an extended time frame is more than likely required.

FEE PROPOSAL
4% - Total brokerage fee with 2% co-broke to third party agent / Broker.
3% - Total brokerage fee shall be reduced in the event that Bill Earls / Larry Lappin are both the Listing
Agents and Selling Agents, with no other Broker involved.

UNDERWRITING ASSUMPTIONS
We have already presented this property to numerous high-end residential developers and have even
procured and presented an offer for $100,000,000 in January of 2023. The consensus among them is
that it is difficult to justify a value above $150,000,000 for redevelopment, which leads us to the
conclusion that the buyer will be an end user, not a developer / builder.

Obstacle: Associate Membership – Port Royal Club. There is a waitlist for this membership which does not
permit usage of the Club while on the waitlist. The solution here would be for the buyer to acquire an
additional “Resident Property” to gain immediate access to the Port Royal Club. In total, with the
development cost, this will require a buyer making a $500,000,000 commitment.

MARKET OVERVIEW | 19