Nine of the 12 Coconut Grove townhouses built by developer Doug Cox could be sold to a buyer from West Palm Beach who is offering $18.2 million in a cut-rate bulk deal if no one else outbids him.
The never-inhabited Coconut Avenue houses, some of which were sold multiple times to unsuspecting buyers in a real estate scam Cox is accused of running, are under contract but subject to competing bids, the receiver overseeing the fraud case said Tuesday.
The buyer, Mela Coconut Grove LLC, is offering $1.8 million each for four four-bedroom units and $2.2 million each for five five-bedroom units, significantly below the asking prices of $2.6 to $3.5 million.
“It’s like a wholesale bid rather than retail,” said retired Miami-Dade Circuit Court Judge Alan Fine, who is the court-appointed receiver controlling the Cox properties and managing the complex case in which 32 parties are owed $34 million by Cox. “This is a problematic project to market to buyers in part because of adverse publicity and concerns about building code violations that took a long time to repair.”
Fine and his counsel Paul Singerman said the bulk offer may stimulate higher bids for the houses.
“The beauty of a bulk bid is that it will flesh out what the market value is,” Fine said. “We hope to achieve the best outcome for victim buyers and creditors.”
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