The Real Deal Miami

New river flap hooks feds

September 15, 2008 10:59AM

Allegations that a straw bidder was used to drive up the price of the auctioned New River Marina in Fort Lauderdale have drawn federal investigators into the foreclosure saga. After protests during the July auction of the family owned marina, the U.S. Trustee’s office, an arm of the Justice Department that oversees the administration of bankruptcy cases, is investigating whether a shill buyer was used to boost the marina’s sale price at the auction. The marina landed in bankruptcy last year after a lender sought to foreclose on about $11.5 million in mortgage loans on the property.