Miami Beach Real Estate Foreclosure Fight: Four Lenders, One Home & The Scandal of 4424 North Bay Road
Lately, mid-North Bay Road real estate just can’t stay out of the news. I found this info, by accident, on the good ol’ internet. I wasn’t looking, I wasn’t tipped. It just came to me. According to Law.com, 4424 North Bay Road is in the middle of a complex foreclosure lawsuit. According to Law.com:
The suit filed in 2007 is set for trial in January before Judge Gill Freeman to determine which lender has priority to recover its losses on the property. The latest sale reflected in Miami-Dade property records is an October 2005 sale for $5.6 million to self-employed businessman Jason Zabaleta. The WaMu lawsuit claims Zabaleta conspired with others to victimize the bank twice, once on a $3.9 million loan in October 2005 and a second time on a $4.5 million loan in June 2006.
The bayfront property, a 5,768-square-foot mansion was once owned by Eddie Irvine, a Formula One race car driver from Northern Ireland, is two doors down from a property owned by Calvin Klein. Coincidentally, the property just to the north of Calvin Klein, known as “The Castle,” burned to the ground just weeks ago.