Coast Bank will continue Tringali tract foreclosure [South Florida]

Coast Bank will continue Tringali tract foreclosure [South Florida]

Coast Bank of Florida passed on the chance to unload a property for less than a third of what the bank loaned on it.

So the bank’s foreclosure against developer Michael Tringali will continue.

An auction Thursday evening generated just two bids for the 253-acre tract near Myakka City, for which Coast loaned $4.94 million to Tringali in August 2005.

Tringali then defaulted on the loan, so Coast filed suit to get its money.