Overview
- The castle sold Tuesday for a tentative $72 million to Gold Coast Property & Estate Management LLC, led by Ronald Browning and Paul Alflen, with the result to be finalized at a bankruptcy-court hearing later this week.
- A 2025 appraisal prepared for the Chapter 11 case placed Oheka’s value at about $137 million including development rights, and court records show roughly $60 million owed to a secured creditor plus $8 million to $10 million in unsecured claims and fees.
- Concierge Auctions ran the private sale at Manhattan’s Dominick Hotel with seven qualified bidders drawn from about 700 inquiries and rules that required a $750,000 refundable deposit and proof of ability to close within 30 days.
- Federal court documents require the buyer to honor weddings and booked events through March 31, 2028, and the buyers have said they will preserve current operations while outgoing co-owner Gary Melius said he plans to remain living at Oheka and managing operations.
- The sale settles large outstanding debts but hands town-approved development rights for up to 95 condos to private developers, a change that neighbors warn could affect public access and that will shape Oheka’s stewardship going forward.