The Ritz-Carlton Resort in Grand Cayman, Cayman Islands, is up for sale. It is part of an auction for the whole hotel-condominium property that also includes 12 unsold condominium units owned by Cesar Properties and Condoco Properties, as well as another 14 unsold lots [out of an original 19, five of which have since been developed] that were designated for development of “deckhouses” plus vacant land available for future development.

Michael Ryan’s company. Cesar Properties, developed The Ritz-Carlton, on Grand Cayman’s Seven Mile Beach ten years ago. However, in March, 2012, RC Cayman Holdings LLC, filed a writ in March demanding the immediate payment of nearly US$234 million from Mr. Ryan.

The Ritz golf course, the “Blue Tip Nine”, is not included in the auction as it is part of a strata plan common property.

The reserve sale has been set at the sum of US$240,000,000.

It is stated in the auction documents that by October 2012, loans owed on the Ritz property will total $231 million.