Miami Merchandise Mart Heads to Auction Over $8M in Taxes Owed
An investor is holding an auction for 325 retail units in the Miami Merchandise Mart, but the more than $8 million in taxes owed on those units could prove a concern to bidders.
The wholesale trading booths at 777 N.W. 72nd Ave. were seized in March 2014 after TK Miami LLC, managed by Tom KennedyJr. and George Martin, won a foreclosure auction with a $100,100 bid. That seemed like a great deal given that the previous borrower had a $7.4 million mortgage, but the property is saddled by liens.
Those units are up for auction on Jan. 21 and 22 through www.auctionhouseamerica.com and Robert Wohlfeld. They are advertised as low as $2,000 per unit, with sizes ranging from a few hundred square feet to 5,000 square feet.
According to a report written by court-appointed receiver Jeremy Larkin before he turned the property over to TK Miami, those units owed more than $8 million combined in property taxes to the county as of May 31. County records show that amount has not been repaid. The units also owed more than $7.7 million in dues to the condominium association. That works out to about $24,615 in taxes and $23,692 in dues per unit. The receiver’s report also details structural defects with the building that likely need improvement, such as the roof, fire safety equipment, the air conditioning unit, and the plumbing.
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