Representatives for Frank Wolfe's estate have reached an agreement with the city of Cocoa Beach and will not fight plans to demolish the Glass Bank.
City Attorney Skip Fowler plans to go to court, unopposed, and have the dilapidated 1960s-era building declared a nuisance and unsafe, Local 6 News partner Florida Today reported.
The city commission Thursday evening authorized City Manager John Majka to begin the process of seeking bids to raze the structure.
In January, the majority owner of the Glass Bank, Joseph Yossifon, struck a deal with the city in which he would not fight the city's lawsuit.
The agreement would allow the city to tear down the Glass Bank, clear the site and allow a lien on the property to recover the costs when it is sold. Also, prior liens on the property from code violations would be waived.
Wolfe, who owned the penthouse, opposed the deal, but he died a month later from a self-inflicted gunshot wound.
Now, representatives for Frank Wolfe's estate no longer want to fight the city over the building.
"Our side has agreed to demolish the building," said Stephen Milbrath, attorney for the Frank Wolfe estate. "We contend that the demolition of the building resolves the liens against the Frank Wolfe estate.