Like many during the peak of the real estate market run up, Cinerest LLC, Tifeeret LLC and Tzion LLC along with managing member Yaron Horesh had plans of grandeur for the historic Jockey Club located at 11111 Biscayne Blvd., Miami, Fl. In 2005, Horesh’s companies paid a whooping $18.6 million dollars for the land around the condo high rise. They planned to build a residential project on the land. Today, they have nothing to show for it.
What has become rather common in South Florida, Horesh, and his companies, failed to build on the property they purchased back in 2005. Despite plans to build a residential project, construction never commenced. Consequently, Seacoast National Bank, an administrative agent for a group of lenders, filed a foreclosure against Horesh, and his companies, back in 2008.
Horesh lost the foreclosure case, and now the property is scheduled to be sold during an online auction on August 2nd. This is yet another sad chapter of the real estate meltdown that many are experiencing daily in South Florida.
Indeed, so far this year we have witnessed the Icon Brickell turned over in a ‘friendly foreclosure‘, prominent real estate developers suing their banks over projects, and others, like Horesh, that are just losing their properties in foreclosures.
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This is a tricky real estate market. You need an attorney that knows this real estate market. If you are facing a foreclosure, or want to assess your options, call our office today.