A 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder at the Miami-Dade County Courthouse, according to Condo Vultures.com.

A final judgment amount of nearly $26.3 million, or $419 per square foot, was established for the property on July 6 by Miami-Dade Circuit Court Judge Ronald Dresnick.

If the borrower fails to satisfy the loan by the auction date, the 62,800-square-foot property with 300 feet of Atlantic Ocean access would be sold to the highest bidder who surpasses the final judgment amount.  

"To purchase a property at the Miami-Dade County courthouse steps, a buyer must be able to pay the entire amount of the winning bid on the day of the auction," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.  "There aren't a lot of buyers with the wherewithal to close all cash that day but then again you never really know for sure in an international city like Miami."  

If no one offers more than the final judgment amount, the property that was once slated for a 47-story tower would transfer byway of the court to the current lender, Sunny Isles Property Holdings LLC with manager Carlos J. Mattos.

Mattos made headlines in Miami in mid-June when one of the companies purchased 31 developer units at the 1060 Brickell condominium tower for $6.1 million, or $203 per square foot, according to a CondoVultures.com article. 

A couple of weeks later, Jorge Mattos, a business partner of Carlos Mattos, paid $5.69 million, or $196 per square foot, for 21 units in the Marina Blue condominium tower in Downtown Miami, according to another CondoVultures.com article.

Carlos Mattos' Sunny Isles Property Holdings is in a position to own the development site after acquiring the remaining balance of a $25 million mortgage from the original lender at a discount in February.   

The existing borrower owes $22.4 million in unpaid principal, $2.4 million in unpaid interest, $1.1 million in property taxes for 2007 and 2008, a $224,000 "exit fee", and a $118,500 late charge, according to the order.

The property was originally purchased in May 2003 for $25 million, or $398 per square foot.

"The only other land deal to trade in the general vicinity in the last year moved at a price of $312 per square foot," Zalewski said. "Given that new condo construction is unlikely for the foreseeable future, we think the last sale is a good comparable to consider."   

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