It’s never a great sign when the U.S. Marshals take your boat.
Rishi Kapoor, ex-CEO of Location Ventures, acquired the 68-foot 2023 Viking Princess sports cruiser just eight months earlier. Right before his development career fell apart.
Kapoor and his wife allegedly defaulted on their $4.3 million boat loan, according to court records. A federal judge signed off on lender Unibank For Savings’ motion to seize the vessel in late October.
The boat, called M/Y Suneeta II, is in the care of a temporary custodian while the lawsuit is pending, Francisco Alvarado reports.
Since May, Kapoor and Location Ventures have been hit with lawsuits from investors, contractors and lenders alleging investment losses, nonpayment and missed mortgage payments. Former judge Alan Fine was brought in to liquidate the firm’s assets to pay off creditors.
Kapoor founded the Coral Gables-based development firm in 2016, which built luxury condos and co-living projects. Its assets included development sites in Miami and Miami Beach.
His ship may have sailed away, but Kapoor is still facing investigations from law enforcement and regulatory agencies, including a criminal public corruption probe by the FBI. His waterfront Cocoplum estate is also at the center of a foreclosure lawsuit.
Investigators are looking into the business arrangement between a Location Ventures subsidiary and Miami Mayor Francis Suarez.
What we’re thinking about: While reporting on the increase in seller financing, I also heard a bit about loan workouts and distress to come. Are you working on any related deals and if so, which ones? Send me a note at firstname.lastname@example.org.
Residential: A trust sold the nearly half-acre waterfront lot at 10312 West Broadview Drive in Bay Harbor Islands to ML Milano 2022 Family Trust for $12.3 million. The property previously traded in 2020 for $4.7 million.
Commercial: Rockpoint paid $180 million for an 87.8-acre industrial development site within The Pomp mixed-use megaproject in Pompano Beach. The Cordish Companies and Caesars Entertainment, who plan to partner with Rockpoint’s Rockhill Management on the development, sold the site.
— Research by Adam Farence
NEW TO THE MARKET
A waterfront Mediterranean-style estate in Palm Beach listed for $45 million. The 8,600-square-foot, five-bedroom home at 10 Via Vizcaya is on the market with Heidi Wicky of Sotheby’s International Realty. Property records show a company managed by Gary and Darlene Yelvington own the mansion. Gary is president of Conrad Yelvington Distributors, a materials distributor.
A thing we’ve learned
Rep. George Santos allegedly spent campaign funds at Hermès, on Botox treatments, trips to casinos and on OnlyFans, according to a congressional investigation. Rep. Michael Guess introduced a resolution Friday to expel Santos from Congress.
Elsewhere in Florida
- The U.S. Supreme Court ruled that they will not allow Florida to enforce an anti-drag show law statewide, the Associated Press reports. Justices Samuel Alito, Neil Gorsuch and Clarence Thomas said they would have sided with the state.
- Nearly 14 inches of rain flooded South Florida last week, damaging homes and businesses and downing power lines and trees. More than 100,000 homes and businesses lost electricity, and schools in Broward County were closed on Thursday.
- The American Civil Liberties Union filed a federal lawsuit against Gov. Ron DeSantis, alleging the state is violating students’ free speech by ordering colleges to shut down local chapters of Students for Justice in Palestine. The ACLU is looking to block a state order shutting off school funding and the use of campus facilities, according to NBC News.