One of Panama City Beach's premier condominium projects is going belly-up before construction even starts.

The bank is foreclosing on the Miracles Resort Park.

A business named Twelve Thousand Front Beach Road L.L.C. filed a complaint for foreclosure in November.

The case went to default last week.

No one associated with the project would confirm the latest development, or give a reason for the project's failure, but it appears lack-luster sales were the biggest problem.

Only 49 out of 243 condos in the first phase were sold.

The sales office is vacant and stripped bare of furnishings.

The property was once Miracle Strip Park.

The park closed its gates August 2004, after profits started to decline.

The 20-acre site across from the county pier was sold for $26-million dollars and supposed to eventually become high-end condos, costing upwards of $2-million dollars.

There is no word yet on whether these condos, tennis courts, and shopping centers will be built by someone else.

The land is set to be auctioned off in August.