Final Renzi property auctioned off for $4.2M

Vacant Miami parcel sold through bankruptcy court
February 17, 2014 01:00PM

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