The Real Deal Miami

Palm Ballroom retrieved by lender

October 17, 2008 11:40AM

Mortgage holder Meecorp purchased the Palm Ballroom, an 11,500-square-foot ballroom built in the 1920s, and an adjacent 3,000-square-foot kitchen within the Palm Beach Hotel at a Palm Beach County foreclosure auction. The investment group paid $1,000 to once again assume possession of the property from Palm Beach Resorts International. In August 2007, Palm Beach Resorts obtained a $2.73 million mortgage from Meecorp, of New Jersey, but defaulted on the loan by failing to make payments. In April, Meecorp filed a foreclosure lawsuit against Palm Beach Resorts for the $2.73 million principal plus interest.