The Real Deal Miami

Palm Beach Mall finances in trouble

May 13, 2009 12:16PM

In addition to foreclosure proceedings, the Palm Beach Mall nearly lost its electricity and water service because of unpaid bills, West Palm Beach officials said. The mall, owned by Indianapolis-based Simon Property Group, allegedly failed to make payments on millions of dollars in loans due to J.P. Morgan Chase Bank and faces a $55.4 million foreclosure suit. The 42-year old property racked up tens of thousands of dollars in water and electricity bills.