The Real Deal Miami

Fisher Island foreclosure auction delayed

Owner of 18 acres has until March to pursue condo development plan
January 22, 2014 10:30AM

Fisher Island

Fisher Island

The foreclosure auction of a large site on Fisher Island in Miami Beach has been pushed back until March.

Fisher Island Holdings was scheduled to lose 18 acres during tomorrow’s auction, South Florida Business Journal reported. The company had lost a $140 million foreclosure judgment. But Miami-Dade Circuit Judge Beatrice Butchko granted the lender’s request to reschedule the auction until March 12.

Lender FI Properties, an offshore trust, owns the mortgage. Attorneys for the trust said postponing the auction would give the property owner more time to pursue a large condo development on the site.

An involuntary Chapter 11 bankruptcy case involving the parent company of the property owner is pending. [South Florida Business Journal]Eric Kalis