The Real Deal Miami

Final Renzi property auctioned off for $4.2M

Vacant Miami parcel sold through bankruptcy court
Renzo Renzi and John Crotty

Renzo Renzi and John Crotty

The final property from Miami developer Renzo Renzi’s crumbled empire has been auctioned off for $4.2 million, The Real Deal has learned.

RBC Acquisitions Group won last week’s bankruptcy auction of a vacant Miami property previously owned by a Renzi-managed company, according to bankruptcy court records. The buyer of the 1.3-acre property at 3170 Southwest 22nd Street is tied to Coral Gables-based BF Group LLC. The property’s zoning allows for residential, hospitality, office and other forms of commercial development.

The Blue on Coral Way, which was managed by Renzi, paid $1.7 million for the property in 2002. The company was unable to develop the land before the real estate downturn. It lost an $18.2 million foreclosure judgment for that property and a Brickell-area site in December 2012.

Colliers International South Florida executive vice president and partner John Crotty marketed the property to potential bidders. — Eric Kalis