Miami Beach real estate foreclosures are happening far too often these days, and Scott Storch’ s house on Palm Island, named Villa Ferrari, is next. The Miami Beach mansion, 18,000 square feet of house on a 30,000 square feet lot, located at 70 Palm Ave., will be auctioned off at the Miami Courthouse in downtown Miami this Friday, June 26.
Mr Storch, a well known music producer, who has worked with stars such as Beyonce Knowles, Mariah Carey, and Paris Hilton, purchased the Palm Island estate for $10,500,000 in May 2006. As the real estate market began to lose value, and Scott Storch fell on hard times, with a reported drug addiction, his problems began to mount. According to several newspaper articles, the young Mr. Storch is recovering at this time.
The house has been in foreclosure for many months, and is no longer what it was when it was built just 5 years ago. It needs some renovation, and, although a number of prospective buyers have viewed the home, there have been no takers to date. The final judgement against Mr Storch was in the amount of $8,484,836.
_Alex Shay