Palm Beach foreclosure case has ‘long and tortured history'
An aging, vacant apartment complex in Palm Beach will be sold at a foreclosure auction unless beleaguered island real estate developer and attorney Frederick J. “Rick” Keitel III pays a lender more than $5 million to satisfy a debt on the Midtown property, a circuit court judge has ruled. Palm Beacher Thomas B. D’Agostino Sr. and his son, Thomas B. D’Agostino Jr., acting as trustees of a family trust, won the foreclosure judgment in a multi-year case with “a long and tortured history,” in the words of Judge Richard L. Oftedal, writing for the 15th Circuit Court . The case revolved around 237 Brazilian Ave., which has been owned since February 2005 by Keitel’s Florida Capital Management LLC . More Palm Beach Real Estate news In late June, Oftedal agreed that Keitel and his company owed the D’Agostinos nearly $5.1 million on a $2 million loan. When Keitel’s company bought the property for $2.5 million, the D’ Agostino charitable remainder trust lent him money to buy it, court doc...