Construction king Catalfumo defaults on Ocean Mall mortgage

Beleaguered construction mogul Dan Catalfumo is fending off a fresh set of real estate woes: The company he heads defaulted on its mortgage at Ocean Mall, Riviera Beachs economic crown jewel. Catalfumos company, which rents Ocean Mall from the city, also missed its annual lease payment to Riviera Beach.

And the city doesnt just want its estimated $20,000 in lease money. Theres talk of dumping the highly contentious six-year-old lease and taking the property back.

The lease the city got into with Catalfumo is a very bad lease which did not favor the city, said Riviera Beach City Council member Dawn Pardo.

This is a great opportunity to get the lease back and do it right this time.

Catalfumo did not respond to requests for comment.

The mortgage and lease payment default are the latest in a series of multimillion-dollar setbacks for the builder, whose commercial construction empire is buckling under the weight of a string of lawsuits.

In total, Catalfumo has been hit with lender suits seeking $100 million-plus in the past 2 1/2 years, several of them naming the builder personally.

Its a sharp fall from grace for Catalfumo, easily the best-known - and most controversial - builder in Palm Beach County. The Port of Palm Beach and the West Palm Beach waterfront bear the Catalfumo imprint; so do several other landmark buildings. But along the way, he has left a trail of high-profile lawsuits against everyone from ex-fiancees to spurned business partners. As construction business has declined, his business interests have turned to specialty scooters and a boneless chicken wing operation.

Most recently, BankAtlantic won a $40.9 million judgment against Catalfumo companies. Prior to that, Seacoast National Bank secured a $32.6 million judgment against a Catalfumo company and foreclosed on its prime property at PGA Boulevard and Interstate 95.

The Ocean Mall mortgage default comes after Catalfumo borrowed millions to construct the ocean-side complex, which called for a hotel, retail outlets and community beach space. Lender Branch Banking & Trust last year transferred $11 million left on the loan to another company, GSF Trust. GSF contends it is owed a total $11.3 million for the defaulted loan.

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Construction king Catalfumo defaults on Ocean Mall mortgage