A Miami-Dade Circuit Court Judge just approved the bulk sale of one dozen choice, lush lots in the highly desirable real estate market of Coconut Grove. The auction is being held to raise money to help pay back $85 million that buyers, investors and lenders claim they are owed by developer Doug Cox.
developer doug cox
According to court records, a court-appointed receiver wants to auction off a dozen prime lots in Coconut Grove. Eight of the lots are still under contract to buyers, some of whom have waited years for their houses to be built as completion dates came and went and nothing happened on the properties.
A lender is foreclosing on the Coconut Grove properties of developer Doug Cox demanding to take control of two dozen ready-to-move-in houses and prime vacant lots because of his failure to repay a $43 million debt. But the buyers just got a lifeline when Miami-Dade Circuit Court judge appointed a receiver to oversee a tangled web of lawsuits, purchase contracts and fraud accusations centered on Cox.