A foreclosure auction is scheduled for May 18 for the former jai alai fronton at 1415 45th Street in Mangonia Park, Palm Beach County. The move comes after a Palm Beach County Circuit Court judge awarded a $42.5 million judgment last month to an affiliate of Taylor Made Lending, a Pompano Beach-based hard money lender.
The property, owned by entities managed by boxing promoter Don King, was listed for sale in April without a public asking price. Sources indicate that King sought offers around $100 million. In the same month, Taylor Made Lending filed a lawsuit alleging default on three loans totaling $38 million made between 2023 and last year. Taylor Made is acting as special servicer on behalf of investors holding the mortgages, including Miami-based Winston Capital Management.
Court documents state that King personally guaranteed the loans but was not named as a defendant in the complaint. He has filed a motion to dismiss the foreclosure case.
The site includes a closed 282,800-square-foot jai alai fronton built in 1973 and parking used by a nearby Tri-Rail station. Records show King purchased the property for $6.3 million in 1999.
Loan details from court records show King took out three loans: $22.3 million at a 13.9 percent annual interest rate in 2023; $9 million at an 18.5 percent annual interest rate; and $800,000 at a 2 percent annual interest rate. According to Taylor Made Lending, King stopped making monthly payments of $138,750 on the $9 million loan in September and did not repay the $800,000 loan when it matured in December.
A decade ago, King attempted to sell the Mangonia Park property but negotiations with FRI Investors did not result in a deal.
According to marketing materials for potential buyers, zoning allows most of the site for office, governmental, medical outpatient, educational and manufacturing uses; up to one-quarter can be developed into retail spaces such as pharmacies or restaurants.
In July of this year, King sold another distressed property facing foreclosure—a warehouse in Deerfield Beach that served as his headquarters—for $11 million to an affiliate of Straticon. Proceeds from that sale were used to satisfy an outstanding mortgage on that property.
King and attorneys representing both sides did not respond to requests for comment regarding the pending auction or litigation.
