Fine suspensions extended for third time at Palm House in Palm Beach
May be sold to developer and hit the market soon
The daily $2,000 fines leveled against a failed Palm Beach condo-hotel project plagued by investor claims of fraud will be suspended for at least another three months, according to Palm Beach Daily News.
The Town Council unanimously agreed to continue the fine suspension for 120 days at the request of Cary Glickstein, who was appointed by a judge to oversee the completion of the Palm House project at 160 Royal Palm Way. The fines were imposed several years ago for failure to meet a construction deadline to complete the project.
This is the third abatement put in place for Glickstein, who is also the mayor of Delray Beach. Glickstein also reportedly obtained 120-day extensions of the abatement in April and in August.
In December, the council voted to abate the fine while attorneys worked to secure $2.5 million owed to the town.
At the council meeting, Glickstein said he wanted to sell the property to a developer. If the parties involved in the litigation fail to reach an agreement by Jan. 15, Glickstein said the court may allow for the property to go on the market.
Last year more than 50 Chinese and Iranian investors filed a lawsuit against the developers of the Palm House project, alleging they were defrauded out of $50 million. [Palm Beach Daily News] – Amanda Rabines