Broward Court awards $23M in interest to Dan Marino and other investors for failed Veranda Condominiums venture

Along with the nearly $44M awarded by the jury in March, the case totals $67M

Miami /
Jul.July 05, 2017 04:30 PM

Former Miami Dolphins quarterback Dan Marino and other investors were awarded $23.2 million in prejudgment interest this week by Broward Circuit Court related to the failed Veranda Condominiums venture that resulted in a $44 million verdict in March.

The figure comes from more than $9,354 in daily interest for 2,448 days  or $22.9 million, plus another $295,735, or almost $144 per day for a period of 2,058 days, according to the Daily Business Review.

Marino and other investors in Veranda Condominium I LLC and West City Realty Advisors LLC, claimed Wachovia Mortgage Corp. was responsible for jeopardizing 100 sales in a multimillion-dollar development. Conrad & Scherer partners led litigation for plaintiffs in the case.

The Daily Business Review reported that limited liability corporation plaintiffs alleged that a Wachovia employee’s email mistake resulted in a default on a $59 million construction loan from Regions Financial Corp.

The two LLC’s set out a three-phase plan in 2005 to build 201 luxury condominiums, 181 units, and 16 townhouses in the Plantation area of Broward County. After Wachovia signed on as the sole mortgage lender, the LLC’s alleged that the venture was botched and that Wachovia violated the Uniform Trade Secrets Act by jeopardizing sales with an email blast.

A Wachovia employee sent an email with a “CC” containing email addresses of more than 100 people who had made moves to buy condos that were part of the Veranda project. The disclosure of email addresses violated the confidentiality clause of the purchaser contracts. The mistake allegedly led to the cancellation of 119 sales contracts.

When the LLC’s defaulted on their Regions loan and still owed $26 million, Regions foreclosed on the property and flipped it to a buyer that eventually completed the project.

Between the $44 million awarded by the jury in trial and the interest awarded by Judge John Bowman, the outcome of the case totals $67 million from Wells Fargo. Wells Fargo acquired the now-defunct defendant Wachovia Mortgage Corp. in 2008.  [Daily Business Review]  Grace Guarnieri


Related Articles

arrow_forward_ios
A photo illustration of the letter unit owners of Champlain Towers South in Surfside sent to the court (Getty Images, iStock)
Surfside collapse unit owners ask court to up their $83M payout
Surfside collapse unit owners ask court to up their $83M payout
 E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
Surfside collapse site (Getty)
Surfside collapse lawsuit reaches nearly $1B settlement
Surfside collapse lawsuit reaches nearly $1B settlement
DAMAC Properties' Hussain Sajwani and aerial view of Surfside Towers remaining foundation of condominium after collapse (Hussain Sajwani, Getty Images)
Surfside collapse site auction set for May 24
Surfside collapse site auction set for May 24
From left: Michael Swerdlow and Don Peebles along with a rendering of Block 55 in Miami's Overtown neighborhood (The Peebles Corporation, Swerdlow Group, iStock)
Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit
Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit
Jorge Pérez vs Stephen and Louise Kornfeld with a rendering of Icon Marina Village (Related Group, Getty, Wikipedia)
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
From left: Ralph, Joe and Avi Nakash, owners of Setai Miami Beach, along with a photo of the condo-hotel at 2001 Collins Avenue and 101 20th Street (Setai Miami Beach, iStock)
Going down? Elevators at Setai Miami Beach keep breaking, annoying residents and guests
Going down? Elevators at Setai Miami Beach keep breaking, annoying residents and guests
Court ruling allows Jason Halpern to develop Miami Beach resi project
Court ruling allows Jason Halpern to develop Miami Beach resi project
Court ruling allows Jason Halpern to develop Miami Beach resi project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...