Soffers could settle Fontainebleau Las Vegas bankruptcy

Miami /
Nov.November 14, 2013 12:00 PM

The Aventura-based Soffer family is close to striking a deal to resolve the federal bankruptcy case involving its disastrous $2 billion Fontainebleau Las Vegas development.

A proposed $178 million settlement is being mulled by a bankruptcy judge in Miami, the Miami Herald reported. The deal would pay contractors on the scuttled casino project the equivalent of 25 cents on the dollar. All creditors and lawyers would eventually be paid through arbitration or court order. That process could take another year or two.

The Fontainebleau bankruptcy case began with a Chapter 11 filing in June 2009. Billionaire investor Carl Icahn paid $93 million for the abandoned tower three years ago, but that payment has remained frozen while the bankruptcy case plays out.

South Florida real estate mogul Jeffrey Soffer and sister Jacquelyn oversee the family’s Turnberry firm, which was instrumental in the development of Aventura. The company’s portfolio includes the Aventura Mall and Fontainebleau Miami Beach. Their vision for the 68-story Las Vegas project was compromised by the nation’s real estate collapse.

Once the bankruptcy case wraps up, Icahn could raze the existing tower and redevelop the site on the north end of the Las Vegas Strip. [Miami Herald]Eric Kalis


Related Articles

arrow_forward_ios
26 Indian Creek Island Road with Jeffrey and Jackie Soffer (Realtor, Getty, iStock)

All in the family: Jackie Soffer sells Indian Creek home to Jeffrey Soffer

All in the family: Jackie Soffer sells Indian Creek home to Jeffrey Soffer
Turnberry Ocean Club and Jeffrey Soffer (Getty)

Closings begin at newly completed Turnberry Ocean Club in Sunny Isles

Closings begin at newly completed Turnberry Ocean Club in Sunny Isles
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
1616 West 28th Street, Sunset Islands and Marsha Soffer (Realtor, World Red Eye, iStock)

Marsha Soffer sells Sunset Islands mansion for $11M

Marsha Soffer sells Sunset Islands mansion for $11M
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Jeffrey Soffer with the Fontainebleau and Michael Dell with the Boca Raton Resort & Club

Soffer’s Fontainebleau Miami Beach and Dell’s Boca Resort lay off thousands

Soffer’s Fontainebleau Miami Beach and Dell’s Boca Resort lay off thousands
Jim Cohen, Fontainebleau Development’s president of Residential, and Jeffrey Soffer, with SeaGlass Jupiter

Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos

Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos
From left: Jeff Soffer, Brian Kingston of Brookfield Property Partners, Brett Mufson and Diplomat Beach Resort Hollywood

Jeffrey Soffer’s $800M Diplomat resort purchase called off

Jeffrey Soffer’s $800M Diplomat resort purchase called off
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...