A 52-acre redevelopment site in Mangonia Park, Palm Beach County, owned by boxing promoter Don King, is scheduled for a foreclosure auction on May 18. The property at 1415 45th Street was once a jai alai fronton and is currently facing financial distress after a Palm Beach County Circuit Court judge awarded a $42.5 million judgment to an affiliate of Taylor Made Lending, according to court documents.
Efforts to reach attorneys for both King and Taylor Made Lending were unsuccessful.
The entities managed by King that own the site put it up for sale in April without listing an asking price. However, sources indicated that King was seeking offers near $100 million. That same month, Taylor Made Lending filed a lawsuit against the ownership entities for defaulting on three loans totaling $38 million taken out between 2023 and last year. Taylor Made acts as special servicer for investors who hold the mortgages, including Winston Capital Management from Miami.
The complaint claims King personally guaranteed the loans but does not name him as a defendant. He has filed a motion to dismiss the foreclosure case.
The property includes a closed jai alai fronton built in 1973 with over 282,000 square feet and adjacent parking used by Tri-Rail commuters. Records show King purchased the property in 1999 for $6.3 million.
Court filings indicate that King obtained three separate loans: one for $22.3 million at nearly 14 percent interest in 2023; another for $9 million at an annual rate of 18.5 percent; and a third loan of $800,000 at two percent interest. According to Taylor Made’s allegations, King stopped making required monthly payments on the $9 million loan in September and did not repay the smaller loan when it matured in December.
A previous attempt by King to sell the site about ten years ago failed when negotiations with FRI Investors fell through.
The offering memorandum states that future development could include office space, government facilities, medical outpatient centers, educational buildings or manufacturing uses; up to one-quarter of the land could be used for retail purposes such as restaurants or gyms.
In July this year, another property owned by King—his Deerfield Beach warehouse headquarters—was sold under distress conditions to satisfy an outstanding mortgage debt of $5.1 million after Straticon acquired it for $11 million.
