PALM BEACH, FL-Developer Daniel Catalfumo has agreed to pay BBX Capital $25 million to settle a contentious legal battle over $41 million in debt.
Part of the proposed settlement deal that must be approved by a bankruptcy judge, is that Catalfumo would transfer ownership of the 200,000-square-foot PGA Flyover Corporate Park at 4290 Design Center Drive in Palm Beach Gardens to BBX Capital, according to the South Florida Business Journal.
The settlement, if approved, would close the legal wrangling between Catalfumo and Alan Levan, who controls BBX Capital. The lender obtained a $40-million judgment against the Palm Beach County developer personally in 2011. A hearing is scheduled for June 6 before U.S. Bankruptcy Judge Erik P. Kimball on the proposed settlement. See story in the South Florida Business Journal.
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