Gulf World Marine Park Now Up for Sale

Gulf World Marine Park Up for Sale Amid Bankruptcy Proceedings

Gulf World Marine Park, a popular attraction in Panama City Beach, Florida, is currently being sold as part of a broader bankruptcy restructuring effort. NewsChannel Seven has learned that several offers have already been made for the property, which has been on the market for just 10 days.

The Dolphin Company, the parent organization of Gulf World, recently had another hearing in bankruptcy court. During this session, representatives from Keen-Summit Capital Partners LLC, the firm hired to sell Gulf World and other Dolphin Company properties, provided updates on the sale process.

Keen-Summit is a real estate advisory firm with expertise in bankruptcy and restructuring cases across the country and internationally. According to Matthew Bordwin, a principal and co-president of the firm, the goal is to redevelop Gulf World into a completely different type of business.

“We are working on the sale of Gulf World, and it will be redeveloped into something entirely new,” said Bordwin. He added that the company expects the property to be sold within 45 to 90 days, depending on the offers received.

Because The Dolphin Company is in bankruptcy, any sale must be approved by a judge. Brokers emphasize the need for a quick sale due to ongoing costs such as insurance, security, and taxes. “Every day the park remains open, it costs the company money,” explained Bordwin. “That’s why we’re trying to expedite the process and create competition among potential buyers.”

With its prime beachfront location, Gulf World could be transformed into a hospitality, residential, or mixed-use retail property. However, there is no set asking price for the property at this time. Once a deal is reached, it must be submitted to the court for approval. “We typically run an auction to ensure the highest and best offer is accepted,” said Bordwin. “This gives everyone a fair chance to bid.”

Once the sale is finalized, the new owners will receive a federal court order that clears the property of all previous liabilities. “What’s great for buyers is that they get a free and clear title, meaning everything from the past is cleared up once the judge approves the sale,” said Bordwin.

Gulf World is not the only property under consideration for sale. Miami Seaquarium and Marineland Dolphin Adventure in St. Augustine are also part of the bankruptcy proceedings. According to Bordwin, the ultimate goal is for The Dolphin Company to cease operations entirely. “At the end of this case, I expect the Dolphin Company will no longer exist,” he said. “They are selling all their assets.”

In addition to the parks, the animals housed at these facilities are also being considered for sale. Bankruptcy documents highlight the importance of ensuring the safety and humane treatment of the animals, especially given the financial constraints faced by the company.

“The sale and transfer of these animals will bring value to the debtors’ estates while also aiding in the animals’ welfare and safety,” the documents state.

Clearwater Marine Aquarium, which previously received four rough-toothed dolphins from Gulf World, has issued a statement regarding the situation. “We continue to provide attentive care for these dolphins while engaging in thoughtful conversations about their permanent home placement,” the statement reads. “Our priority remains their health, safety, and long-term well-being.”

Another impacted entity is the Gulf World Marine Institute, a non-profit organization that rehabilitates marine life. Although the institute is still operating, officials are currently evaluating their next steps.

As the sale process continues, the future of Gulf World Marine Park and its surrounding properties remains uncertain. For those interested in following the latest developments, updates can be found through local news outlets and social media platforms.