The Real Deal Miami

Judge chides court-embattled Miami developer

Renzo Renzi lambasted for "abuse of the bankruptcy system"

Gavel-new315-304A bankruptcy judge accused Miami developer Renzo Renzi of “abuse of the bankruptcy system” and prepared for Renzi to lose a condominium project site through a foreclosure auction, Daily Business Review reported.

Judge Laurel M. Isicoff on Friday granted a motion from Miami-based Crescent Heights Inc., which sought relief from an automatic stay invoked when Renzi’s Beacon Developer Partners LLC filed for Chapter 7 bankruptcy liquidation June 6, according to the Review.

The LLC declared bankruptcy the day before a scheduled foreclosure auction of Beacon’s small commercial parcel at 18 SE Eighth St. and three other properties owned by Renzi companies.

Renzi’s filings are “part of a scheme to delay, hinder or defraud creditors,” Isicoff wrote.

Renzi filed in a hand-written note for Chapter 7 personal bankruptcy in 2011, declaring debt of between $10 million and $50 million. The petition was rejected. [Daily Business Review]Emily Schmall