A 52-acre redevelopment site in Mangonia Park, Palm Beach County, owned by boxing promoter Don King, is set to be auctioned following a foreclosure judgment. The property at 1415 45th Street includes a closed jai alai fronton built in 1973 and an adjacent parking lot for a Tri-Rail station.
The auction is scheduled for May 18 after Palm Beach County Circuit Court Judge Scott Kerner awarded a $42.5 million judgment last month to Taylor Made Lending, a Pompano Beach-based hard money lender. Court records indicate that Taylor Made Lending represents investors who own the site’s mortgages, including Miami-based Winston Capital Management.
King’s legal team and representatives of Taylor Made Lending did not respond to requests for comment. Two entities managed by King listed the property for sale in April without disclosing an asking price, though sources said King sought offers around $100 million.
Taylor Made Lending filed suit in April against the entities managed by King, alleging default on three loans totaling $38 million taken out between 2023 and the previous year. 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 case.
According to an online offering memorandum, the site is approved mainly for office, governmental, medical outpatient, educational, and manufacturing uses. Up to 25 percent of the property can be developed into retail space such as pharmacies, gift shops, restaurants, or gyms.
King originally purchased the site for $6.3 million in 1999. He secured his first loan of $22.3 million at a 13.9 percent annual interest rate in 2023; he followed with a second loan of $9 million at an 18.5 percent rate and a third loan of $800,000 at a 2 percent rate. Taylor Made Lending alleges that King stopped making monthly payments of $138,750 on the $9 million loan last September and failed to repay the $800,000 loan when it matured in December.
A previous attempt by King to sell the Mangonia Park site about ten years ago fell through when negotiations with FRI Investors ended unsuccessfully.
In July of this year, King sold another distressed property facing foreclosure—a warehouse in Deerfield Beach used as his headquarters—to Straticon for $11 million. The proceeds from that sale were used to satisfy an outstanding mortgage on that property.
