12. MORTGAGES AND NOTES PAYABLES

12 Months Ended

Dec. 31, 2011

Mortgage Notes Payable Disclosure [Text Block]

12. MORTGAGES AND NOTES PAYABLES

	December 31,
	2011		2010
Collateralized by Investment Properties (Note 2)
Monty’s restaurant, marina and retail rental space:
Mortgage loan payable with interest 7.57% after taking into effect interest rate swap; principal and interest payable in equal monthly payments of approximately $82,000 per month with balloon payment due on maturity on 8/19/20, as amended March 15, 2011 (a).	$	8,532,000	$	10,548,000
Grove Isle hotel, private club, yacht slips and spa:
Mortgage loan payable with interest at 2.5% plus the one-month LIBOR Rate (2.77% as of 12/31/11). Effective January 1, 2012 the interest rate will be calculated at a minimum of 4.5% per annum. Monthly payments of principal of $10,000 (plus accrued interest) with all unpaid principal and interest payable at maturity on 12/31/12, as extended effective January 1, 2012 (b).		2,819,000		3,579,000
Other (unsecured) (Note 8):
Note payable to affiliate:
Note payable is to affiliate T.G.I.F., interest at prime (3.25% at 12/31/11) payable monthly. Principal outstanding is due on demand.		3,181,000		3,382,000
Totals	$	14,532,000	$	17,509,000

(a)

On March, 11 2011 this loan was amended and restated to $8.8 million including a principal payment of approximately $1.6 million. The amended and restated loan balance is to be repaid in monthly installments of approximately $82,000 including principal and interest. Interest remains at the same terms calculated at one-month LIBOR rate (.27% at December 31, 2011) plus 2.45%. The loan is unconditionally guaranteed by the Company and CFT, as well as a personal guarantee from a Trustee of CFT. The loan includes certain covenants including debt service coverage. The Company is in compliance with all debt covenants as of December 31, 2011. See Note 6 for discussion of interest rate swap agreement related to this loan.

(b)

In December 2011 we exercised our option to extend the maturity date of this loan to December 31, 2012 under essentially the same terms as the existing loan agreement, except the interest rate was increased to include a minimum or floor rate of 4.5% per annum.

A summary of scheduled principal repayments or reductions for all types of notes and mortgages payable is as follows:

Year ending December 31,	Amount
2012	$	6,342,000
2013		371,000
2014		401,000
2015		430,000
2016		429,000
2017 and thereafter		6,559,000
Total	$	14,532,000