I'm sure they had notice by publication in their local
newspaper of record. Reading the "legals" classifieds
is boring, but not reading them can be costly.
Yes, it would be. I don't know the property law in the State of Florida but I would think the developer should be obligated to inform by letter to every property owner of his intention to let the lakefront go to default thus giving them an option to buy. The newspaper ad is a cheesy way out of it!