Once one of the largest landowners in Palm Beach County, Boca Raton developer Gregory Talbott, faces an involuntary Chapter 7 bankruptcy, the South Florida Business Journal reported.
Three creditors claim that Talbott owes them a total of $2.9 million and have filed the Chapter 7 bankruptcy petition. Talbott does have the right to challenge the involuntary petition, the Business Journal said.
Seven Palm Beach and Broward county properties, including Talbott’s own home, were involved in foreclosure proceedings in 2008, previous reports show. Two companies owned by Talbott filed for Chapter 11 bankruptcy protection that same year.
The creditors in the current proceedings are Michael Duca, as trustee for TJCV Land Trust, with a claim of $2.4 million; SA FLA I LLLP, with a claim of $70,450; and John Hodgeman, with a claim of $402,374. [SFBJ] —Christopher Cameron