According to court documents, five entities owned by Adelaide Pointe developer Ryan Leestma voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida on April 1st.
Adelaide Pointe is a 35-acre mixed-used marina project on Muskegon Lake. The development opened in May 2025 and has been the center of several legal disputes stemming from state environmental violations during construction. It was Michigan’s first new marina in nearly three decades.
Leestma Management is registered in Bradenton Beach, Florida. Court documents put the company’s assets and liabilities at $50 million to $100 million with an estimated number of creditors between one and 49.
The bankruptcy filing comes just over two months after a judge appointed a receiver for the development. Independent Bank sued Leestma in September 2025 for an unpaid loan. The bank has stated the project defaulted on part of the loan that totals over $29 million.
We reached out to Leestma but did not immediately hear back.
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