The Real Deal Miami

Whitworth Estates parcel goes to auction block

October 21, 2009 11:10AM

The 154-acre vacant site of a planned subdivision in Delray Beach goes up for sale Thursday. The Whitworth Estates land was purchased for $44.3 million in 2007 by an investment partnership that included Key Biscayne-based United Real Estate Ventures, that touted their vision of a community built among lakes, a shopping center and a 10,000-square-foot clubhouse. In July, Lehman Brothers Holdings foreclosed on the property and its $50.2 million debt. United Real Estate Ventures CEO Jack Devaney, a hedge fund manager, was also part of a failed 2007 deal to buy Briny Breezes – a beachfront cluster of mobile homes that was to be transformed into condo units, time shares and a hotel. [Palm Beach Post]