Monaco Coach Corp. has sold the property in Naples, Fla., it had intended to develop into an RV resort.
Monaco did not identify the buyer or reveal the transaction price. However, the New York Stock Exchange-listed company stated that the property sale will lower its long-term debt by $6.5 million.
Monaco had $43.3 million in long-term debt as of June 28, it reported earlier.
Because of acquisition accounting rules, Monaco will report no gain from the sale from the Naples property.
Monaco acquired that property and RV resorts in Las Vegas and Indio, Calif., from Outdoor Resorts of America (ORA) in November for $30.8 million, an amount that included $21.1 million in cash with the remainder being in the form of a loan to ORA and the assumption of certain ORA debt.
So far, 388 lots have been developed in Las Vegas and Indio and 103 of those have been sold.
As a result of the sale of the 103 lots and the Naples property, Monaco’s remaining investment in RV resorts now amounts to $19 million, the Coburg, Ore.-based company reported.
ORA manages the Las Vegas and Indio resorts.