When investors handed money to the Cay Clubs Resorts and Marinas during the last real estate boom, they were promised a hefty return that comes with owning a snazzy condo in South Florida, one of nation’s hottest markets.
The Florida-based developer, which operated from Key Largo, among other places, touted plans to deliver several five-star luxury resorts in the sunny, tourist-laden Florida Keys and elsewhere. Buyers hoped to “Retire Rich and Young in Paradise,” as Cay Clubs’ marketing material told them.
