**UPDATE** -- Thursday's auction of a portion of The Colony property has been postponed. We'll keep an eye on this story and update when we learn more.
LONGBOAT KEY, Fla. – Thursday is expected to be a pivotal day in the future of The Colony Resort on Longboat Key. A portion of the resort will go up for auction in Tampa federal court.
The Colony opened in 1979 and was one of the area's most popular vacation destinations.
It was ranked the top resort nationwide several years in a row by Tennis Magazine.
It closed in 2010 after a dispute between the founder and the condo owners. Some say Thursday's auction could be the first step in the resort re-opening.