BREAKING UPDATE: In a joint statement, lawyers for both parties told The Citizen that the dispute has been resolved amicably and that the sale will proceed.
“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,” wrote senior counsel Nicole Burt of Foley Lardner.
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The Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach is at the center of a high-stakes court battle after a proposed nine-figure sale collapsed at the closing table last month, The Citizen has learned.
Court filings identify Jacksonville homebuilder and prospective Tampa Bay Rays part-owner Patrick Zalupski as chief executive of the buyer entity.
Zalupski, who founded Dream Finders Homes in 2008, is also listed as CEO of DFH Land, LLC, the Jacksonville-based company that had agreed to purchase the resort before the deal landed in the rough.
The seller, CWI Sawgrass Hotel, LLC, is an affiliate of Carey Watermark Investors, a powerhouse real estate investment trust that owns blue chip resorts and hotels nationwide. The company purchased Sawgrass in 2014 for a reported $122 million.
According to a complaint filed last week, the parties signed a sale agreement on December 9, 2024, initially valued at $325 million. The price was later reduced to $265 million, and DFH Land deposited $15.25 million into escrow.
Closing dates were postponed several times at the buyer’s request, with the deadline ultimately set for August 13 of this year, the suit states.
But rather than finalizing the deal, DFH Land instead sent a letter canceling the sale and demanding its deposit back.
According to the suit, DFH said it pulled out because some of the seller’s statements about the property weren’t completely accurate by the time of closing, and because the seller hadn’t wrapped up all the paperwork and tasks that were supposed to be performed beforehand.
Carey Watermark disputes both claims. In its lawsuit, the seller calls the termination “pretextual” and says the buyer has no right to recover its sizable deposit.
Correspondence filed with the court offers more detail. In a letter dated August 13, attorneys for Carey Watermark argued that DFH had soured on the sale after a potential joint venture with the PGA Tour fizzled.
According to the letter, DFH had told the seller the Tour’s decision not to participate had caused it to reconsider the purchase. Attorneys for the seller said that was not a valid basis to walk away.
The letter further states that DFH formally based its termination in part on when it received an amendment to the TPC Courses Agreement, the contract that governs how many golf tee times the hotel can offer its guests.
DFH claimed the amendment should have been disclosed earlier and that the omission was a breach of contract.
The seller’s attorneys countered that DFH received the amendment on July 31, ahead of closing, and that the warranties only had to be accurate as of the closing date.
Zalupski’s involvement adds a high-profile dimension to the unfolding drama. Dream Finders has expanded rapidly in recent years, now operating in 10 states and closing more than 8,500 homes in 2024.
The company went public in 2021 and was named Builder of the Year in 2025 by Builder magazine. Zalupski also serves as a University of Florida trustee and is reportedly close to leading an investment group’s purchase of the Tampa Bay Devil Rays.
On the seller’s side, Carey Watermark is led by chairman and chief executive Michael Medzigian. A veteran of more than three decades in hospitality, Medzigian has overseen billions of dollars in hotel acquisitions and developments across the country.
The Sawgrass Marriott remains one of Florida’s most prominent resorts, perched beside TPC Sawgrass and the PGA Tour’s Stadium Course.
Beyond its stature in golf, it is a major driver of tourism in St. Johns County, employing hundreds and hosting thousands of visitors each year.
The fate of the $265 million deal — and the $15 million deposit — will now be decided in circuit court.
Lawyers for both parties did not immediately comment on the case.
