B of A Forecloses on 334 Acres Owned by Levitt & Sons in Flagler Co

Levitt and Sons is under Chapter 11 Bankruptcy (since November 2007).

Palm Coast, Florida – January 7, 2009 – Public records show a 12/31/2008 foreclosure filing by Bank of America against Levitt and Sons. The filing covers 4 parcels totaling 334 acres fronting Seminole Woods Pkwy near US 1, south of the Flagler County Airport near Palm Coast, FL. Levitt acquired the property from The Reserve LLC, a subsidiary of LandMar in December 2005 for $9,360,000. Plans announced at that time called for the development of an age-restricted community. No permits were ever issued. Levitt filed for protection under Chapter 11 of the U.S. bankruptcy law two years later (November ’07). The foreclosed property is also contiguous with Grand Landing, a residential development currently being marketed by LandMar.
7 replies
  1. Lou M.
    Lou M. says:

    Buying opportunity

    Here is a great opportunity for the County and Palm Coast to purchase this land for less than old market value.

    Buying this land for a 334 acres park we could save money by not having to provide roads, utilities and other municipal services. Not one inch to be paved over. A totally green enterprise.

    Worth to consider.

  2. BB
    BB says:


    Since when does the public pay to provide roads and utilities to private development???

    The development and the future home owner (embedded in their lot price) pay for the roads and utilities within the development. Through rates, taxes and impact fees, these developments pay for the operation and maintenance of roads and utilities within the community (more than their fair share most of the time).

    It’s amazing to me that in a time of concurrency and onerous impact fees, taxes, fees and rates that people can still believe that "we" pay for these things.

  3. David M. Taylor
    David M. Taylor says:

    Land for Industrial Development

    Seems that this property would be prime for the County to buy at a greatly reduced price for it’s professed "need for economic development". If the politicos are true to their word, then this presents the best opportunity for the IDA to issue bonds for its acquisition. The time to act is in the greatest times of uncertainty.


  4. George Meegan
    George Meegan says:

    Yes it would make a good park

    The price could be 10 cents on the dollar if the bank deeds it over for dedicated forever wild area. The tax revenue is about $68,000 a year according to the tax rolls. That would be gone, but it’s a good hunk of land for a reserve/park.

  5. John
    John says:


    It is because the city does not manage the money. What government agency can anyone name that abides by the budgets they are given? Our governments should be run like business’s instead of being able to do whatever they want with OUR hard earned money. In government how they manage their budgets is by raising our taxes to make up for there underperformance. I hear they are cutting school budgets again next year. Good job guys, lets not concentrate on our future and the future generations of the US.

    Frustrated JOHN

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