The dramatic demise of Retreat Behavioral Health nears its end as its South Florida facility is sold as part of a global settlement among the addiction treatment provider’s remaining partners and creditors.

On Monday, the South Florida Business Journal reported that the now-shuttered facility at 4020 Lake Worth Road in Palm Springs, Florida, was sold to Blue Cane Propsterties. The local news outlet also reported that the Pompano Beach, Florida-based addiction treatment provider Banyan Treatment Centers would lease the facility, reestablishing a treatment center there. 

Publicly available court documents show that a judge with the Palm Beach County Circuit Court signed off on the settlement. The documents show that the receiver of the former Retreat Behavioral Health asset sold the facility to Blue Cane for $15.6 million. Separate documents detail that Banyan Treatment Centers has agreed to pay $200,000 to acquire the furniture, fixtures and equipment that remain on the property, minus several damaged vehicles that were also on the property. Banyan CEO John Sory signed the agreement.

A year ago, Retreat Behavioral Health imploded following a slow-rolling-then-sudden financial crisis and the back-to-back deaths of its CEO and chief administrative officers. The move left employees unpaid, and many patients had to continue their treatment elsewhere.

Retreat Behavioral Health was a multi-state addiction treatment provider that operated residential and outpatient offices in Connecticut, Pennsylvania and Florida. It was founded in 2011 and had the backing of a handful of private equity investors.

Sory took up the role of CEO at Banyan Treatment Centers on July 17, 2023. A month before that, The Rise Fund, a part of the San Francisco-based TPG Capital, invested an undisclosed amount in the company. It operates 17 treatment centers across eight states and nine non-treatment consultation centers in six states, according to its website.

Banyan Treatment Centers has not returned a request for comment.

Editor’s Note (June 18, 2025): A previous version of this story cited an erroneous report by another organization that stated that Retreat Behavioral Health was acquired by Stonehenge Capital. It was not. This story has been updated.