MCZ Centrum Delinquent for 2008 & 2009 Taxes/Boca Teeca Golf Course

MCZ Centrum has not paid their real estate taxes for 2008 or 2009, yet they claim that they are going to fight the foreclosure on the property which they purchased with mostly borrowed money from Wachovia Bank. This is another example of an over-leveraged developer who had the misfortune of investing in a project that does not generate enough cash flow to cover the debt service and taxes. This real estate investor invested less than $200,000, borrowed $7 million from Wachovia and bought over 200 acres of golf course land in Boca Raton. The property is now in foreclosure and the local representative of the developer claims that they are going to fight the foreclosure.