The Real Deal Miami

Palm House foreclosure sale upheld

October 19, 2009 01:28PM

The Palm House hotel foreclosure sale will not be overturned, Palm Beach Circuit Judge Meenu Sasser ruled Friday. A Sept. 17 auction fetched a $10 million bid for the unfinished hotel at 160 Royal Palm Way, but developer and competing bidder Cielo Madera Land Trust alleged fraud during the bidding process on the part of 160 Royal Palm LLC, a corporation formed by real estate investor Glenn Straub, and Royal 160 LLC, owned by Robert Matthews. Cielo Trust said Straub had conspired with Matthews to buy the property so that Matthews could buy it back, but the judge ruled that Straub’s offer was valid and not fraudulent. [Palm Beach Post]