John B Kennelly Files, Custom Builder, Files Chapter 11 Bankruptcy
Major property owner and operator in Broward and Palm Beach county ran out of time and money. All options were explored by well-known custom builder John B Kennelly. The only way to save Mr. Kennelly’s land was with the help of a local bankruptcy lawyer.
The owner of the properties, custom builder John B Kennelly, controls eight companies. All eight companies filed a Chapter 11 bankruptcy case. It was the only possible way to save losing all the properties to a foreclosure action. The bankruptcy attorney has a lot of work ahead to rescue the Mr Kennelly. A plan for reorganization will need to submitted to the bankruptcy court. It is likely that some of the land will need to be sold. It is also likely that additional investors will need to be brought in to keep the various projects afloat.
Increasingly Valuable Properties in a Finite Florida Landscape
The properties are worth quite a bit of money. Land in South Florida is becoming more and more scarce. At one time there was an online auction for the properties. There was at least one bid of $40 million. The auction was cancelled, leaving the property owner with no choice but to seek protection from the bankruptcy court.
A Couple Properties on Millionaires’ Mile along Hillsboro Beach are Up For Sale
A couple of John B Kennelly’s properties slated to be up for sale is a rectangle of Millionaires’ Mile along Hillsboro Beach. The Castle Reef beachfront residential property and an adjacent acre of land have been listed by Fort Lauderdale-based Capas Group Realty Advisors. The two properties stretch from the beach to the Intracoastal Waterway, taking up roughly two acres. Castle Reef houses 12, 1,500-square-foot units, a beachfront pool and basement parking – according to “the Real Deal News Blog.” Here are those connecting properties:
This goes to show bankruptcy can help anyone in need. Even a very rich property owner like John B Kennelly. Just like us regular working class people who sometimes become overwhelmed with bills, big business projects run into problems too. A bankruptcy lawyer is often needed to salvage the situation. This particular South Florida property owner is counting on the bankruptcy attorney to save the day. A well planned reorganization plan done through the bankruptcy court can save the projects.
Chapter 13 for Individuals Can STOP a Home Foreclosure
Rather than lose everything in a foreclosure, a well planned bankruptcy case can give those in debt hope for a fresh start. The bankruptcy code is there to help. Consult with a knowledgeable bankruptcy lawyer in your area to see if the bankruptcy code can help you.
If you are a homeowner facing foreclosure, or an individual coming up way short in covering your monthy bills with no obvious solution to solve your dilemma, consider calling and speaking with Howard Butler, a South Florida bankruptcy attorney working from his office in Broward County, FL, helping people solve their debt crisis and getting a fresh start. Call me, Howard Butler, at (954) 797-5338