Builder faces $7M foreclosure [South Florida]
Owner of J&J Homes is in an interest rate dispute over a mortgage on Venice acreage.
Sellers are foreclosing on a 141-acre property owned by Jacques Cloutier, the head of one of the region’s oldest and most prolific home builders, J&J Homes.
A consortium led by Dr. Robert E. Koch is trying to get the property back after a disagreement erupted about the amount of interest owed on the $7 million mortgage.
An attorney representing Cloutier said that the note has matured and refinancing is available for the loan, but Cloutier disagrees about Koch’s interest calculations.