The Real Deal Miami

Lake Worth site sells for 67 percent off

March 10, 2011 12:38PM

A Bank of New York Mellon affiliate sold a 43.1-acre Lake Worth site for
a discount of 67 percent of the mortgage on the property. The site,
which is zoned for residential use, is located at 7570 State Road 7 in
Lake Worth. The lender had taken title to the property in December after
foreclosing on a $6.72 million mortgage, but it then sold the site to
GH Savannah Lake, a Miami-based company, for $2.25 million. [SFBJ]