The Real Deal New York

Chetrit sells South Florida golf course for $30M

Terra Group has plans for residential project in Weston, Fla.

July 15, 2014 01:30PM

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David Martin and Joseph Chetrit

From left: David Martin and Joseph Chetrit

From the South Florida website: Terra Group appears to be the next developer to take a crack at building a large residential project on the site of the Bonaventure Country Club golf course in Weston.

The Pedro and David Martin-led company created a corporation called Terra Weston Residential and took title to a large chunk of the 36-hole golf course in a $30 million transaction recorded on Monday, according to Broward County records. It is unclear from the deed exactly how much of the more than 230-acre site changed hands in Monday’s deal. Terra Weston obtained a $41 million mortgage from Miami Beach Finance Investments.

Two companies managed by Joseph Chetrit and a third managed by Robert Wolf – a frequent Chetrit partner – sold the land to Terra Weston. The companies acquired the course through the foreclosure and bankruptcy courts. The previous owner, Mordechai Boaziz-managed Tavor Holdings, was hit with a foreclosure lawsuit in 2011 and filed for Chapter 11 reorganization the following year.

U.S. Bankruptcy Judge Laurel Isicoff approved the sale of the golf course to the Chetrit and Wolf-managed companies in December 2013. The $8.3 million transaction closed in March. — Eric Kalis

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