Gurney's Montauk Resort Owners Purchase Resort Next Door

The owners of Gurney’s Montauk Resort and Seawater Spa recently purchased Panoramic View Resorts and Residence just next door for $63.9 million.

Lloyd Goldman, of BLDG Management and George Filopoulos, of Metrovest, purchased the 10-acre resort after purchasing Gurney’s two years ago.

On Wednesday, U.S. Judge Arthur D. Spatt of the Eastern District of New York ordered the previous owners, who were arrested for allegedly running a Ponzi scheme, to forfeit $40 million in net proceeds from the sale of a Montauk beachfront property, according to a release from the FBI.

A total of 9,606 shares of 93 Old Montauk Owners, Inc., the sole owner of the Panoramic View Resort, a 117-unit resort and residence development which closed down on December 7, 2015, were sold to Panoramic Partners LLC, an affiliate of BLDG Management Co., Inc.

Distinctive Ventures, LLC had purchased the resort in 2007 using proceeds of a $96 million Ponzi scheme orchestrated by former investment fund manager Brian R. Callahan, according to the FBI.

The company is owned by Distinctive Investments, which in turn is owned by Callahan’s brother in-law, Adam Manson.

After Callahan fraudulently diverted money from investment funds he managed to the Panoramic View, Manson helped Callahan hide the fraud from the funds’ independent auditors, according to the FBI.

In July 2013, the duo was charged with securities fraud and wire fraud offenses and consented to the forfeiture of the Panoramic View as part of their guilty pleas in April and May 2014.

“Brian Callahan, assisted by Adam Manson, orchestrated one of the largest Ponzi schemes in Long Island history,” United States Attorney Robert L. Capers said. “This unprecedented sale exemplifies the importance of using civil forfeiture to ensure that assets will be available to repay fraud victims.”