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Judge approves sale of distressed Port St. Lucie property to Hollywood-based firm
Biscayne Atlantic is set to buy the 21-acre site from the SEC for $750,000 and to pay off $24 million of past-due property taxes and assessments on the property
A federal judge approved the sale of 22 acres of distressed real estate in Port St. Lucie to Hollywood-based real estate investment firm Biscayne Atlantic.
The Hollywood-based firm would pay $750,000 to acquire the 22-acre site and would assume responsibility for paying $24 million in past-due property taxes and assessments on the property.
U.S. District Judge Joan Lenard authorized the federal Securities and Exchange Commission (SEC) to sell the property “with all faults” for $750,000 to Biscayne Atlantic, led by principal David Garfinkle.
The SEC would require Biscayne Atlantic to pay the $24 million of past-due property taxes and assessments through a clause in the deed for the 21-acre site.
Sarah Prohaska, a spokeswoman for the city government, said Biscayne Atlantic has a contract to purchase the 21-acre site.
Garfinkle declined to comment on Biscayne Atlantic’s plan for the Port St. Lucie property.
The SEC seized the 21-acre site after suing a previous owner, Lin “Lily” Zhong, alleging she misled foreign investors to convince them to invest in her planned development of the property.
Zhong had planned to develop a mixed-use commercial complex called City Center but never built anything on the property before the SEC seized it and started seeking a buyer.
Michael Goldberg, the SEC receiver who controls the property, retained brokerage firm Avison Young in July 2017 to market it.
The 21-acre site at Walton Road and U.S. Highway 1 in Port St. Lucie has a market value of $5.5 million, according to property appraiser records. [TCPalm.com] – Mike Seemuth