Wellington receives $9.45 million escrow disbursement after Palm Beach Polo foreclosure ruling
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Summary
The village attorney reported that the escrow agent disbursed $9,447,056.08 to Wellington after a judge denied a stay in the long-running foreclosure action; additional supplemental interest and a remaining deficiency will be pursued in follow-up actions.
The village attorney reported that the escrow agent disbursed $9,447,056.08 to the Village of Wellington following a judicial order in a long-running foreclosure action related to 130 code-violation properties tied to Palm Beach Polo.
Miss Cohen told council members the village had prosecuted the foreclosure through multiple appeals, including an unsuccessful certiorari petition to the U.S. Supreme Court and a motion to stay that the court denied. As a result the judge ordered the escrow agent to disburse funds, which Miss Quikin (finance) subsequently confirmed the village received. Cohen said there remains a deficiency — roughly $40,000 — covering the balance of legal fees and costs, and that supplemental interest may be collected and ordered at the end of the month.
Ending
Cohen said the village will pursue remaining deficiency amounts and any supplemental interest in follow-up proceedings and that receipt of the escrowed funds will be reflected in village accounting.