The Real Deal Miami

Court gives nod to 37 percent discount on West Palm Beach units

April 15, 2010 11:46AM

Bankruptcy Judge Erik Kimball has signed off on a heavily-discounted
sale of 182 units in West Palm Beach. Developer Lucky Chase II filed
for bankruptcy after a $15 million complaint concerning 182 units at
the San Michele condo in West Palm Beach was filed in November. Regions
Bank, the plaintiff in the foreclosure action, had moved to dismiss the
bankruptcy filing because its original mortgage was for $45.5 million,
with $12.5 million outstanding. The bank withdrew its motion, however,
approving the developer’s plan to sell 182 units at a 37 percent
discount. The units, at 8901 Okeechobee Boulevard, have been bought by
Boca Raton-based Portofino Club. The condo association’s receiver,
Richard Schurr, filed his own motion asking the court to reconsider the
sale, fearing that Portofino Club might be absolved of its obligations
to the condo board. [SFBJ]