The Real Deal Miami

Back tax sales for lux homes

June 02, 2009 10:15AM

The Palm Beach County tax collector started its annual sale of delinquent tax bills, and investors have snapped up certificates linked to media tycoon Conrad Black, Coach president Reed Krakoff and developer Robert Matthews, who had the largest tax bill for a homesteaded property at $290,183. The county said 30,000 owners of commercial, agricultural and homesteaded properties failed to pay their property taxes in 2008. Investors who buy the certificates hope to earn interest on the unpaid bills when property owners buy them back.