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Gene Haas orderd to forfeit $1 million on home sale

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michaeljohn

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Post Fri Sep 13, 2013 10:18 am

Gene Haas orderd to forfeit $1 million on home sale

Let this be a lesson to those in the market for a pair of South Florida oceanfront mansions. Instead of sending someone to bid $12.4 million of your fortune at a live auction, consider showing up to wave the paddle yourself. That mistake may have cost California businessman and NASCAR team owner Gene Haas more than $1 million. A Miami-Dade judge ruled this week that Haas reneged on his high-stakes winning bid for two Golden Beach homes in 2011 and must fork over his deposit plus interest. Haas sent a proxy to the auction, which took place in the living room of one of the two palaces up for bid. Brothers Robert and Steven Fox owned their estates at 229 and 401 Ocean Blvd. since 1990. When the retired cardiologists and their wives decided to downsize into neighboring Hollywood Beach condos a few miles north on A1A, they put their Golden Beach homes up for sale for about $24 million total. But after two years with no buyers, the brothers took a radical approach: They held an absolute auction on Nov. 10, 2011. About 15 bidders applied and were vetted, including Lake Worth developer Albert Wadsworth, who represented Haas. Haas, bidding through Wadsworth, didn't want just one of the houses - he wanted both. The auction ended with Haas' successful $12.4 million offer for the two luxury properties. But when it came time to sign the paperwork, Wadsworth backed out. Haas never bought the homes. The brothers sued Haas' company, Haas Automation, for breach of contract, demanding the $1 million deposit that Haas placed in escrow in advance of the auction. Miami-Dade Circuit Judge Beth Bloom ruled in favor of the Foxes, and on Tuesday ordered Haas to turn over the deposit and about $87,000 in interest. Haas plans to appeal the decision, his attorney said
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HiddenHollow

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Post Fri Sep 13, 2013 10:52 am

Re: Gene Haas orderd to forfeit $1 million on home sale

The owners (Fox brothers) didn't back out. Haas (through his representative Albert Wadsworth) backed out. That's breach of contract.

Oops: :? The post I responded to disappeared.
"I'll wreck my mom to win a championship. I'll wreck your mom to win a championship." - Tony Stewart, November 17, 2011

"Fight For Four" - Annalee, March 27, 2012

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ndunn

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Post Fri Sep 13, 2013 10:59 am

Re: Gene Haas orderd to forfeit $1 million on home sale

I had to delete the post as I had the names mixed up. Wadsworth was bidding for Haas and was not the seller. I just hate it when I make a mistake........
The Military Thanks You For Standing Behind Them. If You Can't Do that You Can Always Stand In Front Of Them.....Think About It.....

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HiddenHollow

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Post Fri Sep 13, 2013 3:38 pm

Re: Gene Haas orderd to forfeit $1 million on home sale

ndunn wrote:I had to delete the post as I had the names mixed up. Wadsworth was bidding for Haas and was not the seller. I just hate it when I make a mistake........

It just means you're human like the rest of us. No problem. :D
"I'll wreck my mom to win a championship. I'll wreck your mom to win a championship." - Tony Stewart, November 17, 2011

"Fight For Four" - Annalee, March 27, 2012

#StandWithSmoke #14in14

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