PLANT CITY Negotiations continue with prospective buyers for the Red Rose Inn and Suites, an auction company spokesman said.
Murry Wise Associates has been trying to find a buyer since a bankruptcy trustee rejected the $2.1 million high bid for the iconic hotel owned by Evelyn and Batista Madonia Sr.
Cold storage and packing facilities in Virginia and West Virginia owned by the Madonias were recently auctioned for $800,000, so the hotel is the final property to sell, Murray Wise spokesman Carl Carter said.
The couple, who were in the tomato business, filed for bankruptcy protection for themselves and companies they control earlier this year. Their assets, including 13,000 acres of farmland, have been auctioned for a total of $75.8 million to repay their debts.