Developer Bruce Chait’s Sabal Palm property has been returned to SPL Holdings in a $6.5 million deed in lieu of foreclosure, according to the South Florida Business Journal. The price included the $3.85 million mortgage balance, along with $2.6 million in “additional consideration,” according to the deed. SPL is a partnership between Real Capital Solutions and Miami-based 13th Floor Investments, the latter of which was a partner in the purchase last week of the NoBe Bay condominium in Miami Beach.
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New details surrounding the investigation of Prestige Homes of South Florida in connection with the Broward County corruption scandal have emerged. Shawn Chait, an employee of Prestige Homes of South Florida and the son of the company’s president, reportedly paid in cash for suspended Broward Commissioner Josephus Eggelletion’s membership at the Parkland Golf & Country Club, according to people familiar with his investigation. Three years ago, Prestige unveiled a controversial plan to build houses on two golf courses in Tamarac. Former Tamarac Mayor Joe Schreiber has also claimed that Prestige Homes President Bruce Chait offered to pay $200,000 to the couple if Schreiber’s wife, Mae, would drop out of the city mayoral election in 2006.  [Sun Sentinel]

Developer Prestige Homes offered a $200,000 payoff if former Tamarac
Mayor Joe Schreiber would give his support to Beth Flansbaum-Talabisco,
withdrawing support for his own wife, Mae Schreiber, the ex-politician
said. Flansbaum-Talabisco won the election and is now mayor. Bruce
Chait, the owner of Prestige Homes, denied the allegation. The flap
comes from an ongoing conflict over the Chaits’ desire to convert a
pair of Tamarac golf courses — Monterrey and Sabal Palm — into
housing developments. The projects were opposed by many residents, but
Flansbaum-Talabisco was among the Tamarac commission members who
supported the proposal. [more]

Prestige Homes, builder of a planned development in Tamarac, may not
proceed if Broward County forces him to include affordable housing in
the project. Prestige was given the option to sell 74 of the 728
planned units below cost or give the city $1 million to put into a
housing trust fund to help people with their down payments. Company
President Bruce Chait called the choice extortion and said the company
couldn’t afford to do it. Chait said he already cut prices for the
two-bedroom townhouses from $280,000 to $169,000, with free closing
costs. Tamarac’s current median home price is about $164,000. [more]