Failed loan by ex-Husani partner threatens one bank’s bottom line

Failed loan by ex-Husani partner threatens one bank’s bottom line

Michael Tringali borrowed $83 million from seven banks

The second largest Florida-based bank could be writing off nearly 15 percent of its annual profits because of fallout from a loan to Neil Mohamad Husani’s former business partner, Michael Tringali.

BankAtlantic Bancorp, a Fort Lauderdale-based bank with $6.2 billion in assets, loaned Tringali $27.9 million in August 2005 to buy and develop the 1,143-acre Steeplechase Estates near Myakka City.

But Tringali defaulted on the loan and the bank — in lieu of foreclosing — sold the land for $27.2 million this month to a limited liability company that is a subsidiary of BankAtlantic and that lists Chief Executive Alan Levan as its managing member.

Bills to tackle ground rents [Baltimore]

Bills to tackle ground rents [Baltimore]

Several state legislators said yesterday that they are drafting legislation to change Maryland’s arcane ground rent system, including bills to prevent homes from being seized over missed rent payments and to ban the creation of new land leases.

“We’re just going to do what we did with flipping and other scams. We’re going to get rid of it,” said Del. Maggie L. McIntosh, a Baltimore Democrat who is chairwoman of the House Environmental Matters Committee, which handles matters of real property and housing. “We’re going to stop it right where it began.”

Tens of thousands of Baltimore City residents as well as some in Baltimore and Anne Arundel counties pay rent on the land under their houses, a practice that can be traced to Colonial times. A series of articles in The Sun this week documented that in recent years a small group of ground rent investors increasingly has exercised its power under state law to gain possession of homes or to extract thousands of dollars in fees from their owners over back rent as little as $24.

Trailer park windfall: $510 million for Briny Breezes [South Florida]

Trailer park windfall: $510 million for Briny Breezes [South Florida]

A link to South Florida’s past saw the future Tuesday: It’s big and splashy and comes with a lot of zeroes.

And, if shareholders in this oceanfront mobile home park give their blessing, a Boca Raton developer they’d already spurned once will buy their town, down to the last boardwalk, bench and bicycle rack, as early as March 2009. It would end an era.

Directors unanimously approved and signed a contract Tuesday for the sale of Briny Breezes to Boca Raton-based Ocean Land Investments for $510 million. Briny is a corporation whose residents own shares weighted by the location and size of lots; a vote equal to two-thirds of shares is required to ratify the deal. The vote is set for Jan. 10.

Part 2 of 3: The new lords of the land [Baltimore]

Part 2 of 3: The new lords of the land [Baltimore]

A small number of investors who own many Baltimore ground rents often sue delinquent payers, obtaining their houses or substantial fees

Paul W. Nochumowitz describes himself as a bail bondsman who takes home $14,000 a year and is bankrupt.

Still, he and his wife, Amie Sue, own a $1 million high-rise condominium on Florida’s Biscayne Bay as well as a home in Baltimore County. This year, Miami Beach was the setting for Amie Sue’s 50th birthday party, complete with family, friends, her New York hairdresser, a triple-decker cake with sparkler candles and a troupe of ballroom dancers.

Hillsborough: Mansion goes to $5.55-million bidder [South Florida]

Hillsborough: Mansion goes to $5.55-million bidder [South Florida]

But $4-million from Paul Bilzerian’s Avila home sale may pay for attorneys and loans.

The sprawling but embattled mansion in north Hillsborough County built by Paul Bilzerian was auctioned for $5.55-million Monday by a bankruptcy judge.

“It was a good investment,” said Clearwater auctioneer Michael Peters, the winning bidder. “I got a good price on it. …I’m happy.”

A company owned by Peters also was high bidder in an April auction of the same house, before those auction results were thwarted by legal disputes.

Treasure Coast official accused of land payoff [South Florida]

Treasure Coast official accused of land payoff [South Florida]

The FBI arrested a governor’s appointee to the Treasure Coast Regional Planning Council Monday, making him the third defendant facing criminal charges in the corruption case against former Palm Beach County Commission Chairman Tony Masilotti.

Daniel Miteff of Wellington, accused of making a $50,000 payoff to Masilotti for help in a 2003 church land deal, was charged with honest services fraud, mail fraud, money laundering and obstruction of justice.

If convicted, the 55-year-old real estate consultant would certainly go to prison. The U.S. Attorney pointed out that the maximum penalty is 275 years in prison and $1.3 million in penalties.

“We will continue to aggressively investigate Masilotti’s corrupt transactions and prosecute those individuals involved in his get-rich schemes,” U.S. Attorney R. Alexander Acosta said in a statement today.