Auction of waterfront Hillsboro land set for Thursday
The auction stems from bankruptcy filings by firms affiliated with home builder John B. Kennelly
October 01, 2016 11:30AM
The 11-acre parcel 1174-1185 Hillsboro Mile (left) and two smaller lots at 1103 and 1107 Hlillsboro Mile.
An 11-acre waterfront parcel in Hillsboro Beach will auctioned Thursday to pay off defaulted debt.
The borrowers are companies affiliated with home builder John B. Kennelly, which filed for Chapter 11 bankruptcy in 2014 to avoid foreclosure by a secured creditor.
U.S. Bankruptcy Judge Erik Kimball approved the auction of the 11-acre parcel at 1174-1185 Hillsboro Mile.
Boca Raton lawyer Bradley Shraiberg, who represents the Kennelly companies, said they owe creditors more than $44 million.
Shraiberg also told the Sun-Sentinel that plans to auction two smaller lots adjacent to the 11-acre parcel will be canceled if proceeds from the auction of the larger parcel are sufficient to pay off creditors.
Kennelly is the developer of a residential community west of Boynton Beach called Estates of Boynton Waters, which remains unfinished more than 10 years after construction commenced.
In May, Palm Beach County gave Kennelly two years to completed 11 structurally unsafe houses at Estates of Boynton Waters. [Sun-Sentinel] — Mike Seemuth
Source: The Real Deal