Bankrupt Levitt & Sons Flagler Property Auction Set for July 22
334.6 acres will be sold pursuant to a Final Summary Judgment of Foreclosure at the Osceola County Courthouse along with Levitt properties in Lee, Lake, and Seminole counties.
Palm Coast, FL – July 9, 2009 – Levitt & Sons and 37 subsidiaries filed for bankruptcy in November 2007. On July 22, Levitt-owned real estate in four Florida counties (Flagler, Lee, Lake, and Seminole) will be auctioned pursuant to a Final Summary Judgment of Foreclosure. Bank of America initiated the foreclosure.
The Flagler property, owned by Levitt and Sons of Flagler County LLC, is located off Seminole Woods Pkwy south of the Flagler Airport. Consisting of four parcels totaling 334.6 acres, it was purchased for $9,360,000 December 28, 2005 from The Reserve LLC. Ironically, the seller is one of the 130 LandMar/Crescent Resources subsidiaries included in Crescent’s recent bankruptcy filing. Levitt planned to develop an age restricted community of 416 single-family homes on the site.
2007 and 2008 property taxes assessed on the local Levitt properties totaling $106,998.44 remain unpaid.
The 11:00 A.M. sale will be held at the Osceola County Courthouse, Suite 2600, room 2602. The courthouse is in Kissimmee.
Leave a Reply
Want to join the discussion?Feel free to contribute!