Losing at fraud, winning the house in Boca?

One-time condo king and wife's case puts Florida statute of limitations to the test

TRD MIAMI /
Aug.August 13, 2013 04:00 PM

After five years in the clink, a convicted fraudster and his fitness-instructor partner could walk away with a foreclosed mansion in Boca Raton. The court case over a lingering contract dispute is testing the Florida statute of limitations, the Palm Beach Post reported.

Palm Beach County foreclosure judge Rodger Colton ruled last month in favor of one-time condo king Bill Lilly and former fitness instructor Valerie Kaan, allowing them to keep their estate in the Sanctuary section of Boca Raton. The judge ruled that a Florida law places a five-year statute of limitations on pursuing a contract dispute. The matter to date had stayed out of foreclosure cases, the Post said.

Kaan rebuilt a real estate empire while her husband served five years in prison for bank fraud. She bought an 8,500-square-foot home in the 700 block of Sanctuary Drive in 1999 for $3.6 million. The feds filed a civil suit alleging Lilly was avoiding paying the money, the newspaper said.

A foreclosure on the estate was filed against Kaan in 2008. The bank took a voluntary dismissal at a trail last month because of a legal misstep. The statute of limitations prevents the case from being refiled. Now the bank is attempting to the reopen the case, the newspaper said.

“I hate the ‘free house’ story,” Matt Weidner, a St. Petersburg foreclosure defense attorney, told the Palm Beach Post. “There is no free house, largely.” [Palm Beach Post]Mark Maurer


Related Articles

arrow_forward_ios
Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate

James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian nabs retail center in Deerfield Beach for $17M

300 East Key Palm Road

Transportation execs pay $12M for waterfront Boca Raton estate

James Batmasian and 22973-23071 State Road 7

James Batmasian buys Publix-anchored Boca Raton shopping center

Daily Digest Miami

Stephen Ross steps down from NFL committee post-fundraiser backlash, drama at Regalia: Daily digest

Daily Digest Miami

Feds want to seize Miami real estate tied to $5M gambling scheme, Elliman’s Q2 revenue jumps: Daily digest

arrow_forward_ios