The multimillionaire owner of Lantana is speaking out against a local bank after two attempts to buy Newstead Belmont Hills golf club and fractional resort fell through at the last minute.New York-based investor Lawrence Doyle said: "I have bought and sold $100 million worth of real estate in Florida, New York and North Carolina and I have never had a bank behave that way. And it was not like there was any other bidder for Newstead. I raised my offer against nothing."Butterfield put Newstead in receivership last January.Mr Doyle stressed his criticisms were not with the entire bank, but more with the particular negotiator/s he dealt with at Butterfield.Mr Doyle said he had felt Newstead, with its golf course, two restaurants and ferry stop, would be a "good strategic fit" to Lantana once he redevelops the waterfront Somerset resort, which he eventually plans to do as the economy and tourism turn around.Mr Doyle, a former money manager, started a real estate investment company specifically to buy post-financial crisis properties.He said his firm Katierich Asset Management LLC recently purchased two golf courses in North Carolina, 385 apartment units in New Orleans, 285 units in North Carolina, and more than 50 units in NYC.Mr Doyle said he went through two rounds of negotiations with the receivers Ernst and Young and Butterfield was kept apprised and both his offers had been accepted.In the first case, he said, his offer was accepted, financing was in place and a sale was ready to go through, however, "The bank negotiator came back and said they wanted more money."Having gone so far in the negotiation, Mr Doyle said he was very upset by the eleventh-hour set back, but after a period he came back to the table and upped his offer in the region of a $1 million."They asked me 'can you close by Tuesday?', I said yes, I can put the money down in escrow by Tuesday," Mr Doyle said. "But then they came back again ... saying they needed time to negotiate with (a financial entity/partner). I guess they just do not want to sell it."He said it was suggested there was a several-hundred-thousand-dollar shortfall that needed to be made up, and he then did not hear back from the negotiators.In response to Mr Doyle’s comments, a Butterfield spokesperson said: ”We cannot offer comment on the particulars of any discussions we have had regarding the property. It continues to operate under the professional management of the receivers with a view to selling it as a going concern. As we have stated in the past, our objective is to preserve the value of the asset for the benefit of all stakeholders.”Mr Doyle said his goal with Newstead would have been to aggressively sell the remaining unsold units and then operate it. He said he was not as pessimistic as some developers about Bermuda."You just need to get rid of the product and inventory (unsold and receivership) that's out there and things will start moving again,” he said. “A lot of property is moving in Miami again. I think the banks should not be holding onto product. If it's sold it helps out everybody in the industry."It’s understood from sources that Newstead cost about $70 million to build, and a previous group came close to buying it for less than $15 million.Newstead's shock receivership came several months after Pink Beach Club was also put in receivership. Pink Beach remains unsold.Other closed resort properties like the former Sonesta Beach site on the South Shore, are also up for sale.Mr Doyle said despite the experience with Butterfield and Newstead, "I am not walking away from Lantana. We will see what happens in the next 12-24 months."He added the Bermuda Government, in his experience with Lantana, had been highly supportive of his development plans and he had nothing but positive views of the Tourism Department."When things turn around they will turn around quick," he said. "Once Bermuda gets rid of its inventory you will discover there are more buyers out there."Mr Doyle was due to begin construction on a beach club last summer as part of his planned $100 million redevelopment of Lantana which would see around 28 luxury units built on the former cottage colony property. The project was put on hold after Newstead was put in receivership.Mr Doyle bought Lantana after coming across it several years ago when he came to the Island on a cruise for his mother's 80th birthday. Despite being very run down and overgrown, having closed a decade ago, Mr. Doyle said he liked the property, after being shown around by agent Rego Sotheby's, and saw its potential.