EXCERPT
The auction is being held to raise money to help pay back $85 million that buyers, investors and lenders claim they are owed by developer Doug Cox, who bragged to clients that he was known as the “King of Coconut Grove.”
Sylvester, Cox’s ex-business partner, is suing Cox, claiming he was double-crossed. Sylvester says Cox showed him fake mortgage documents, broke their agreement and owes him $7 million.
Altamar Financial Group lent Cox and Send Enterprises $34 million in 2019, with most of Cox’s properties used as collateral.
“We intend to file a counterclaim against Altamar,” said Marcos Jiménez, Sylvester’s lawyer and former U.S. Attorney in Miami. Jiménez has described Cox as running a “Ponzi scheme.” “My client offered to cure, which Altamar ignored. So for Altamar to walk in and expect a credit bid is not realistic. Those things will be aired out in litigation.”
