A 52-acre redevelopment site in Mangonia Park, owned by boxing promoter Don King, is set for foreclosure auction on May 18. The site, located at 1415 45th Street and formerly a jai alai fronton, became the subject of legal action after an affiliate of Taylor Made Lending was awarded a $42.5 million judgment last month by Palm Beach County Circuit Court Judge Scott Kerner.
King’s entities had listed the property for sale in April without specifying an asking price, but sources indicated that offers around $100 million were being sought. In the same month, Taylor Made Lending filed suit against King’s ownership entities for allegedly defaulting on three loans totaling $38 million that were taken out between 2023 and last year. The lender acts as special servicer for a group of investors that includes Miami-based Winston Capital Management.
According to court records attached to the foreclosure complaint, King took out a $22.3 million loan in 2023 with a 13.9 percent annual interest rate, followed by another loan for $9 million at an 18.5 percent rate and a third loan for $800,000 at a 2 percent rate. Taylor Made alleges that monthly interest-only payments of $138,750 on the $9 million loan stopped in September and that the $800,000 loan was not repaid upon maturity in December.
The lawsuit states that King personally guaranteed the loans but does not name him as a defendant; he has filed a motion to dismiss the foreclosure case.
The property includes the closed jai alai fronton built in 1973 and parking used by Tri-Rail passengers. It is approved primarily for office, governmental, medical outpatient, educational and manufacturing uses; up to one quarter may be developed into retail such as pharmacies or restaurants.
In July of this year, King sold another distressed asset—a warehouse in Deerfield Beach—for $11 million to satisfy mortgage debt amid foreclosure proceedings related to that property.
Neither Don King nor attorneys representing either side responded to requests for comment regarding the upcoming auction or ongoing litigation.
