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South Florida

NASCAR champ in dispute over Ocean Blvd mansions

Gene Haas, the owner of the Stewart Haas Racing team that won the NASCAR championship in November, was the highest bidder on a pair of Ocean Boulevard mansions owned by brothers that began marketing them simultaneously for more than $11 million each. But according to the Miami Herald, the car-racing magnet reneged on his bid and won’t allow the brothers to collect the $500,000 they’re each owed as a guarantee.

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Haas bid $12.4 million for the two homes, at 229 and 401 Ocean Boulevard, in a Nov. 10 auction but refused to sign the contracts. Auction rules mandated that all participants place a $500,000 deposit in escrow, held by the Newman Guarantee Title Insurance Agency, for each home on which they intended to bid. Newman needs a declaration that the funds belong to the brothers, but Haas has refused to sign off on it.

The homes were ultimately sold to other auction participants, who paid about $1 million less in total for the two homes than Haas did. But the brothers have been unable to recoup the $1 million in escrow that would subsidize the difference, so they have filed suit. [Miami Herald]

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Fisher Auction Company