Jul. 12--With a bid of $100, David Siegel bought the long-suffering Sandy Lake Towers resort in south Orlando on Thursday. It's Siegel's third purchase of a bankrupt resort in the past eight months. 

Last November, the well-known time-share developer bought the River Ranch Resort in Polk County at auction for $5.1 million and has since turned the 1,700-acre spread into a time-share dude ranch. Last month he submitted the winning, $12.75 million bid for the Grenelefe Golf and Tennis Resort, also in Polk County. 

"My plate is pretty full right now," Siegel said just before Thursday's auction at the Orange County Courthouse. 

Siegel, who owns Central Florida Investments Inc., one of the nation's leading time-share companies, said he would prefer to resell Sandy Lake Towers for a profit rather than develop it. He said several prospective buyers have expressed interest in the property, which is just off International Drive in the heart of the tourist zone there. 

Failing that, however, he said he may develop the property as a time-share resort. He said the property needs a lot of work. 

"The saga is over," Siegel said after his successful bid. "It no longer will be an eyesore in the city." 

Work on the twin towers began more than a decade ago, but the construction has dragged on for years. One tower is open and operating as a hotel, but the second building is still unfinished. 

Siegel said that, despite its problems, the resort has the advantage of a strong location. "It's a trophy property," he said. 

Siegel holds a $17 million first mortgage and a $400,000 fourth mortgage on the twin towers, which are at 6145 Carrier Drive. His purchase price is the $17.4 million value of his mortgages plus the $100 he submitted as the sole bidder Thursday. 

Siegel said his first order of business will be to paint the towers, which are now a shocking shade of pink. 

Asked what he would choose as the new color, Siegel quipped: "Maybe purple or chartreuse." 

One of the resort's prospective buyers may be Gulfco Investments Co. of Tampa. Attorneys for that company had indicated earlier this week that the company was trying to arrange financing so it could make an offer. 

The property also appeared ready for sale at $24 million early this year the bankruptcy court approved an offer from J&P LLC of Tampa and Washington. But that offer fell through when that group couldn't secure financing. 

Brazilian developer Sergio Naya started construction on the site in 1991. Work proceeded sporadically over the years; the first tower didn't get its certificate of occupancy until October 1999. 

Naya filed for Chapter 11 bankruptcy reorganization last August. Throughout the bankruptcy proceedings, his lawyers indicated the Brazilian was trying to raise enough money to keep the resort. 

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(c) 2002. Distributed by Knight Ridder/Tribune Business News.