The Real Deal Miami

Talbott affiliate edges toward foreclosure

February 12, 2009 12:35PM

A West Palm Beach bankruptcy judge dismissed a chapter 11 bankruptcy filing by a Boca Raton company affiliated with financially beset developer Gregory Talbott. The filing was an obstacle to a foreclosure lawsuit. The company, 140 Associates, sought bankruptcy protection in late November as it neared a foreclosure sale of its 7,581-square-foot building, at 140 N. Federal Highway in Boca Raton, set for December 1. The property houses the headquarters of Talbott Realty and a branch of Colonial Bank, which is not party to the lawsuit. Stuart-based Seacoast National Bank holds a $4 million foreclosure judgment against Talbott and 140 Associates.