Property owner avoids foreclosure by selling to himself

7755 West 4th Avenue
7755 West 4th Avenue

An industrial building in Hialeah has been saved from foreclosure after the owner sold the property for $5.5 million — to himself.

Miami attorney Geoffery Aaronson told the South Florida Business Journal that the buyer is the same ownership group as the seller.

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Fort Lauderdale-based BBX Capital Corp previously won an $8.2 million foreclosure judgment against TDM Red Road, along with its managing member, Todd Ruderman. The foreclosure targeted a 26,451-square-foot warehouse on 7.6 acres at 7755 West Fourth Avenue.

Ruderman filed for bankruptcy to avoid foreclosure. Bankruptcy Judge Robert Mark then approved the $5.5 million sale to 7755 Red Road LLC, which is also led by Ruderman. The proceeds from the sale will be used to repay the $4.2 million in principal on BBX’s loan. The buyer also took out a loan $1.1 million loan to pay owed interest to BBX. [SFBJ]Christopher Cameron