Business life: My finance news blog

James H. Batmasian, one of Boca Raton’s largest landowners, is filing multiple foreclosures against another of the city’s largest property owners.

In May, Batmasian bought four problem loans that Boca Raton-based Paradise Bank made to developer Gregory Talbott. He also secured a $4.5 million mortgage from the bank to support that purchase.

It didn’t take Batmasian long to decide what to do with those loans.

On July 15, Batmasian filed three foreclosure suits against Talbott – bringing the troubled developer’s foreclosure tally up to 14 properties.

The largest case was against Talbott personally, and his wife, over a $3.2 million mortgage. Batmasian wants to take over their 3,000-square-foot, waterfront home at 541 Kay Terrace.

Another case was against Talbott and his 400 East Palmetto Park Road LLC over a $3 million mortgage granted in 2007 no faxing payday loan. If Batmasian succeeds, he would seize the 7,425-square-foot retail building at the same address. The tenant is clothing store Maus & Hoffman.

In the third lawsuit, Batmasian is suing Talbott and his 400 East Royal Palm Road LLC concerning a $975,000 mortgage covering the 1,455-square-foot house at the same address.

The fourth mortgage sold by Paradise Bank, which Batmasian has not foreclosed on so far, is a $202,500 loan to Talbott Aviation over a hanger condo unit at Boca Raton Airport.

Something tells me that Talbott has been grounded.

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