The Real Deal Miami

No buyers for Prestige Homes’ Sabal Palm/Monterey project

February 05, 2010 10:35AM

Developer Bruce Chait and his firm, Prestige Homes of South Florida,
failed to sell three parcels of land and a
luxury yacht at a Dania Beach auction yesterday when none of the 50 prospective bidders present offered to meet the minimum prices on any of
the assets on the block. Chait was seeking to unload his planned Sabal
Palm/Monterey residential project on 153 acres in Tamarac and
a 74-foot, five-stateroom Viking yacht valued at $5 million. Still, those aren’t the least
of 61-year-old Chait’s troubles: he and his son Shawn, 36, face
charges of bribery, unlawful compensation and perjury in connection
with the Sabal Palm project in an alleged scam with former Broward County
Commissioner Josephus Eggelletion. The developers face a maximum of 35
years in prison. [Sun Sentinel]