The Real Deal Miami

Block sale for Tivoli Isles

November 23, 2009 12:07PM

The incomplete Tivoli Isles community west of Delray Beach will auction off 100 properties in a foreclosure sale scheduled for Nov. 30. Palm Beach County court documents show that New Jersey-based developer Hovnanian Enterprises has effectively become the lender on a $30.5 million unpaid loan balance. The original plans included 315 homes on about 130 acres of land with prices beginning in the $300,000 range. But according to court records, just 152 homes had sold as of late Dec. 2008 when the foreclosure suit was filed. [Palm Beach Post]