LOANS, NOTES AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Schedule of loans, notes and other receivables

	As of December 31,
Description	2013		2012
Promissory note and accrued interest due from purchaser of Grove Isle (a)	$	1,034,000	$	—
Promissory note and accrued interest due from individual (b)		214,000		208,000
Other		160,000		88,000
Total loans, notes and other receivables	$	1,408,000	$	296,000

(a) In February 2013, the Company sold its interest in Grove Isle and related entities and received a $1 million promissory note from the purchaser as part of the purchase proceeds. This note bears interest of 4% per annum and will mature upon the earlier of ten years (February 25, 2023) or when any expansion or development (as defined in the purchase agreement) occurs at Grove Isle.

(b) In December 2007 the Company loaned $400,000 to a local real estate developer who is well known to the Company and which loan is secured by numerous real estate interests. In 2010 $197,000 of principal payments were received. In February 2014, the loan was modified and the maturity date was extended to February 1, 2015. The loan modification requires the borrower to keep current on monthly interest only payments at same annual rate of 9% and pay past due interest as of December 31, 2013 of approximately $9,000 in four monthly installments beginning February 1, 2014.