Posted on Thursday, March 17, 2011
Renzo Renzi, a Miami developer who was hit hard by the collapse of the housing market, has filed for Chapter 7 bankruptcy.
According to a petition filed Thursday in U.S. Bankruptcy Court, Renzi has less than $50,000 in assets and between $10 million to $50 million in debt. In the filing, Renzi said most of the debt was incurred through his business.
The filing came on the same day a Key Biscayne condo he co-owns was to be sold at a foreclosure auction. The Key Colony No. 1 Condominium Association was seeking to recoup $51,773 in late dues and fees, according to Miami-Dade County property records.
On March 2, U.S. Century Bank won a $8.3 million final foreclosure judgment against Renzi’s seven-story office building at 2200 S. Dixie Highway, Miami. The building is to be auctioned on April 15, according to property records.
Renzi is also facing foreclosure on 27 unsold condos at The Sail, a condo tower in Miami’s Brickell neighborhood he built during the housing boom.
By Paola Iuspa-Abbott, DAILY BUSINESS REVIEW