Legendary boxing promoter Don King is navigating a Chapter 11 bankruptcy filing for his 53-acre jai alai fronton property in Palm Beach County. The move aims to halt a $43 million foreclosure auction and allows King’s entity, DK Arena, breathing room to strategize an exit.
Key Takeaways
- Don King’s DK Arena filed for Chapter 11 bankruptcy to prevent a foreclosure sale.
- The filing pauses a $43 million foreclosure lawsuit from Taylor Made Lending.
- The 53-acre property, a former jai alai fronton, is the largest undeveloped tract east of I-95 in its area.
- The goal is a structured sale of the property, not traditional financial reorganization.
Bankruptcy Filing Halts Foreclosure
An entity associated with boxing promoter Don King has filed for Chapter 11 bankruptcy reorganization for a significant 53-acre property in Palm Beach County. The filing, made last week, successfully paused a scheduled foreclosure auction and a $43 million lawsuit brought by a Taylor Made Lending affiliate. The property, located at 1415 45th Street in Magnolia Park, was slated to be auctioned on Monday, but the sale has since been canceled.
A Property With Potential
The jai alai fronton itself was constructed in the 1950s and rebuilt after a fire in the late 1970s, but it has been closed since 1994. Despite its long vacancy, the property is described as the largest undeveloped parcel east of Interstate 95 in that region of Palm Beach County. Its strategic location, with a portion serving as parking for the adjacent Tri-Rail station, makes it a prime candidate for transit-oriented development, potentially including rental apartments or townhomes.
Development Hurdles and Past Dreams
Developers have shown considerable interest in the site over the years, with Mangonia Park town officials reporting frequent inquiries. However, a significant obstacle to development is the town’s drinking water supply, which is currently at 75 percent capacity. Any new development would likely require a developer to contribute to funding a larger water storage tank. Don King’s late wife, Henrietta, purchased the property in 1999 with aspirations of creating a sports and entertainment complex, but these plans never materialized due to a lack of development partners or county funding.
The Path Forward
According to Robert Furr, King’s bankruptcy attorney, the current bankruptcy filing is not intended for traditional financial reorganization but rather to facilitate a structured exit strategy. The immediate next step involves establishing a marketing plan to sell the property through competitive bidding within a 90-day timeframe. The future of this sprawling site now rests with the U.S. Bankruptcy Court in the Southern District of Florida.
Sources
- Don King Seeks Bankruptcy for Huge Palm Beach County Tract, The Real Deal.