D.R. Horton accused of abandoning Miami development
Fort Worth, Texas-based D.R. Horton Inc., which markets itself as “America’s homebuilder,” is being accused of leaving the home owner’s association at Majorca Isles in Miami Gardens in shambles.
A new lawsuit filed in U.S. Bankruptcy Court by the court-appointed trustee for the master homeowner association alleges that D.R. Horton abandoned the housing project after the collapse of the housing market, leaving behind a broken front gate, random garbage piles, a half-finished park and a malfunctioning heated pool, according to the Daily Business Review.
“This is not the way a Fortune 500 company should operate,” said Barry Mukamal, a partner at Marcum in Miami and the court trustee. “These weren’t flippers. These were primarily middle-class, hardworking people trying to build a community.”
D.R. Horton is the largest U.S. homebuilder by revenue and was ranked 498th on the 2012 Fortune 500 list before falling off last year. During the year ended September 30, 2013, the company closed deals on 24,155 homes, representing net sales of $6.6 billion. [Daily Business Review] – Christopher Cameron