The sale of the Sawgrass Marriott Golf Resort & Spa to a group led by Jacksonville homebuilder Patrick Zalupski is back on track after briefly landing in court.
In a joint statement Tuesday, lawyers told The Citizen the dispute has been resolved and the nine-figure transaction will move forward.
“The parties have amicably resolved any dispute related to the action that was filed, and look forward to continuing with the sale and future relationship,” said Nicole Burt, senior counsel at Foley Lardner representing DFH Land, LLC.
The proposed sale appeared to collapse at the closing table last month, when DFH Land, an entity led by Zalupski, sent a letter terminating the deal and demanding its deposit back.
Court filings show the company had agreed in December 2024 to buy the resort from CWI Sawgrass Hotel, LLC, an affiliate of Carey Watermark Investors, for $325 million. The price was later reduced to $265 million, with $15.25 million placed into escrow.
Closing dates were extended several times before being set for August 13, when DFH Land declined to wire the remaining funds and asked for its deposit back.
The company argued that some of the seller’s statements about the property were not fully accurate and that certain contractual steps remained incomplete.
Carey Watermark disputed those claims, calling the termination “pretextual,” and alleged DFH had grown wary after a potential joint venture with the PGA Tour fizzled.
A further dispute emerged over the timing of disclosure of an amendment to the TPC Courses Agreement, which governs how many golf tee times the resort can offer guests.
Zalupski, who founded Dream Finders Homes in 2008 and took the company public in 2021, has overseen rapid growth into 10 states with more than 8,500 closings last year.
He also serves as a University of Florida trustee and has been reported to be leading an investor group pursuing ownership of the Tampa Bay Rays. On the seller’s side, Carey Watermark is led by chairman and chief executive Michael Medzigian, a veteran investor with decades of experience in hotel acquisitions nationwide.
The Sawgrass Marriott remains one of Florida’s most prominent resorts, adjoining TPC Sawgrass and the PGA Tour’s Stadium Course.
Beyond its reputation in golf, it is a major driver of tourism in St. Johns County, employing hundreds and hosting thousands of visitors each year.
