Even luxury real estate projects falling into foreclosure

The rains fall on the just and the unjust.

And foreclosures happen to the high end and mid-range of the real estate market.

Earlier this month, Regions Bank filed a foreclosure lawsuit against Polo Field Estates LLC, developer of the luxury Azura community in suburban Boca Raton. The project, by Gordon Homes of Boca Raton, consists of tract mansions ranging in price from $1.3 million to more than $3 million, each. Azura is on Jog Road, just north of Clint Moore Road.

Alabama-based Regions Bank alleges various Gordon Homes entities have failed to repay $36.3 million in loans, according to a lawsuit filed in Palm Beach County Circuit Court. The lawsuit seeks to foreclose on the Azura property, a former polo field. Only seven of 92 planned homes have sold in the unfinished development, according to county property records.