In what lawsuits allege was a long-running real estate fraud in Coconut Grove. a judge just approved a settlement among parties with the most money at stake. The $33 million deal omits those who put $20 million down on homes and lots where, their lawsuits allege, the developer fraudulently delayed completion while collecting multiple deposits and obtaining loans on the same properties.
real estate fraud
Lawsuits claim Send Enterprises, the company run by Douglas Cox and Nicole Pearl, intentionally strung buyers along for years, leaving their properties unfinished as they collected multiple deposits for the same parcel. At this time, it’s unclear how much of the down payments will be returned to the would-be buyers. The settlement proposal is set for a hearing before a Miami-Dade Circuit Judge.
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.
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.
Homebuyers In Coconut Grove just got some reassuring news from Miami Mayor Francis Suarez, who said city officials would help them break an impasse with a Miami developer who has locked them out of their houses for years. CLICK ON THE HEADLINE FOR MORE
Instead of “For Sale” signs, house hunters see “No Trespassing” notices posted along the street and “Do Not Enter” decals stuck to the front doors, a curious contrast in Coconut Grove, one of the most hotly desired neighborhoods in the country. CLICK ON THE HEADLINE FOR MORE