Marineland Dolphin Adventure, which opened in June 1938 as the world’s first oceanarium, now faces an uncertain future through federal bankruptcy proceedings in Delaware. The facility, located on approximately five acres of Atlantic oceanfront property between St. Augustine and Flagler Beach, has operated for nearly ninety years but may soon cease to exist as a marine life attraction.
Historical Foundation and Early Success
The attraction was founded by W. Douglas Burden, Cornelius Vanderbilt Whitney, Sherman Pratt, and Ilya Andreyevich Tolstoy, grandson of Russian novelist Leo Tolstoy. They originally designed Marine Studios as a venue for filming underwater sequences for motion pictures. Public interest was overwhelming, with more than 20,000 visitors attending on opening day. During peak years, Marineland attracted as many as nine hundred thousand visitors annually and became an important research facility where scientists made significant discoveries about dolphin behavior, echolocation, and marine mammal reproduction.
Ownership Transitions
The property changed ownership multiple times throughout its history. In 2011, the Georgia Aquarium purchased Marineland for nine million one hundred thousand dollars from Jim Jacoby, an Atlanta developer who had renovated the facility after acquiring it in 2004. Eight years later, in 2019, the Georgia Aquarium sold Marineland to The Dolphin Company for three million dollars. The Dolphin Company, officially operating as Leisure Investments Holdings LLC, based in Cancun, Mexico, operates approximately thirty marine parks across eight countries and also owns Gulf World Marine Park in Panama City Beach, Florida.
Bankruptcy Filing and Financial Collapse
On March 31, 2025, Leisure Investments Holdings LLC filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware under case number 25-10606 before Judge Laurie Selber Silverstein. Court documents show the company reported between one hundred million and five hundred million dollars in both assets and liabilities. The bankruptcy followed serious financial difficulties and animal welfare concerns at multiple facilities, particularly Gulf World Marine Park, where five dolphins died within eight months, leading to government investigations and the facility’s closure in May 2025.
The bankruptcy court appointed Steven Strom of Odinbrook Global Advisors as Independent Director and Robert Wagstaff of Riveron Management Services as Chief Restructuring Officer. The company retained Young Conaway Stargatt & Taylor, LLP as legal advisors, Riveron Consulting as financial advisors, Greenhill & Co. as investment bankers, and Keen-Summit Capital Partners as real estate advisors to manage the bankruptcy proceedings and property sales.
The Auction and Competing Bids
The Hutson Companies, a St. Augustine developer founded by David Hutson in 1973, submitted a stalking horse bid of three million five hundred thousand dollars for Marineland in early October 2025. This bid established the minimum price for the bankruptcy auction. The formal auction occurred on October 13, 2025, proceeding through thirty-four rounds of bidding with fifty-thousand-dollar increments. Delightful Development LLC, a Texas company registered in Fort Worth and managed by Craig Cavileer, won with a final bid of seven million one hundred thousand dollars. The Hutson Companies finished second at seven million fifty thousand dollars and became the backup bidder, earning a seventy thousand dollar breakup fee.
Craig Cavileer previously served as Executive Vice President of Majestic Realty Co. and led the Fort Worth Stockyards revitalization project. However, Majestic Realty filed a breach of contract lawsuit against Cavileer in December 2024, and his ownership interests in several Fort Worth properties were scheduled for auction in May 2025. Court documents indicate that Delightful Development does not plan to continue operating Marineland as a dolphin facility, though specific development plans have not been disclosed.
Conservation Coalition’s Opposition
Jack Kassewitz, who leads the nonprofit Global Heart, Inc., joined with Felicia Cook, former general manager of Marineland, who resigned in January 2025, to challenge the sale. They secured financial backing from the Rubel family willing to invest four million dollars for the property purchase and an additional one million five hundred thousand dollars for operations. Their plan includes establishing an animal-assisted therapy program and maintaining marine science education. According to court testimony, the coalition was initially told they could participate in the auction, but were informed two days before the auction that they could not bid. They formed Apex Associates as a legal entity, represented by attorney Michael Joyce, to represent their interests in court.
The Critical October 27th Hearing
Judge Laurie Selber Silverstein held a hearing on October 27, 2025, to consider approving the sale to Delightful Development LLC. The judge immediately expressed concerns that court filings failed to adequately convey that Marineland operates as a functioning facility with seventeen dolphins and more than one thousand other marine animals, along with ongoing scientific research activities. The initial presentation suggested a simple real estate transaction involving a closed property.
Jack Kassewitz testified about his coalition’s business plan and emphasized that Felicia Cook had demonstrated Marineland could generate profits when properly managed in 2023. He raised concerns about what would happen to the dolphins if sold to a developer with no marine park operations planned. Allison Mielke, the attorney representing The Dolphin Company’s bankruptcy estate, dismissed the conservation coalition’s concerns and argued their bid was not legitimate under established auction procedures. Judge Silverstein sharply disagreed with this characterization and rebuked the dismissive approach.
After hearing extensive testimony, Judge Silverstein refused to approve the sale, stating explicitly, “On this record, I’m not going to approve the sale. Maybe another record. But not on this record.” She ordered The Dolphin Company’s attorneys to engage in discussions with the conservation coalition and suggested the auction might be reopened. The judge adjourned the hearing until November 3, 2025, to allow all parties to provide complete information about Marineland’s operations, the status of the animals, and potential alternatives.
Related Property Sale Approved
During the same October 27th hearing, Judge Silverstein approved the sale of Gulf World Marine Park to By the Sea Resorts, a Panama City Beach hospitality company. By the Sea Resorts submitted a stalking horse bid of three million three hundred thousand dollars and won the auction with a final bid of four million five hundred fifty thousand dollars. The Crotty Company LLC served as the backup bidder. Unlike Marineland, Gulf World had been completely closed with all animals transferred to other facilities before the auction. The transaction is expected to close by December 2, 2025.
Current Status of the Animals
The Dolphin Company’s bankruptcy estate proposed selling three Marineland dolphins to Theater of the Sea in Islamorada in the Florida Keys. Theater of the Sea offered five hundred thousand dollars for two twelve-year-old female bottlenose dolphins named Capri and Soleil, who were transferred to Marineland from Gulf World. The agreement was later modified to include Sandy, a thirty-nine-year-old female who is Capri’s mother. Court documents indicate the dolphins would be transferred within fifteen days of purchase finalization, but no action was taken during the October 27th hearing as the judge focused on resolving the property sale questions first.
Six of the seventeen dolphins currently at Marineland were born at the facility, and some represent three generations of the same family. The conservation coalition has expressed concern that selling to a developer would separate these family groups and disperse the dolphins to different locations.
What Happens Next
A hearing will determine whether Judge Silverstein approves the sale to Delightful Development LLC, reopens the auction process to allow the conservation coalition to participate, or orders a different marketing process that prioritizes continuing Marineland’s marine facility operations. Federal bankruptcy law gives judges significant authority to shape sale processes when initial procedures appear flawed or fail to protect important interests.
For Craig Cavileer and Delightful Development LLC, the delay creates uncertainty about their seven million one hundred thousand dollar winning bid while maintaining their financial commitment. The Hutson Companies remain in a backup position and could complete the purchase if Delightful Development withdraws or cannot close the transaction. The conservation coalition must demonstrate it can assemble necessary funding and present a viable business plan that justifies reopening the auction despite its lower bid amount.
Broader Implications
The Marineland situation reflects challenges facing older marine life facilities nationwide. Public attitudes toward keeping dolphins and marine mammals in captivity have shifted significantly since 1938. Modern facilities face stricter regulatory requirements, higher operating costs, and more intense scrutiny of animal welfare practices. Several major marine parks have closed or significantly changed operations in recent years, facing financial difficulties similar to The Dolphin Company’s experience.
Marineland’s location on prime Atlantic oceanfront property makes it attractive for developers interested in hotels, condominiums, or other commercial projects. The town of Marineland itself has approximately eight residents, and the surrounding areas are owned by development companies with future project plans. Whether Marineland continues as the world’s first oceanarium or transforms into something entirely different will be determined through the federal bankruptcy process in the coming weeks.
Official bankruptcy case information can be accessed through the court-appointed claims agent at https://www.veritaglobal.net/dolphinco or by calling 888-733-1434 for United States and Canada callers, or 310-751-2633 for international callers. The United States Bankruptcy Court for the District of Delaware maintains case records at https://www.deb.uscourts.gov, though accessing specific case documents requires a PACER account through the federal court system.
This report is based exclusively on official bankruptcy court filings, corporate registration records, and court-verified testimony as of November 2025. Information continues to develop as the bankruptcy case proceeds through the Delaware court system.
