FORT PIERCE — Land along Ten Mile Creek, west of Florida’s Turnpike, owned by former Cleveland Browns and Miami Dolphins quarterback Bernie Kosar, may be auctioned as part of a bankruptcy settlement.

To satisfy creditors of his companies and investments, Bloomberg.com is reporting that Kosar filed a plan last week that would include auctioning 140 acres of the proposed development called Creekside.

The undeveloped land is owned by Kosar’s company BJK.

The auction is expected to be handled by CB Richard Ellis Group Inc.

In 2004, Kosar announced plans for the 800-home Creekside on 366 acres, between Okeechobee Road and Ten Mile Creek. The St. Lucie County Commission approved the project in October 2005.

The financial Web site Bloomberg.com stated that BJK owes National City Bank $4.3 million and that Creekside Community Development District is due $4.9 million from a bond offering.

In June, Kosar, who lives in Weston, filed for Chapter 11 protection. He listed his debt between $10 million and $50 million, with his assets between $1 million and $10 million. Bankruptcy paperwork was also filed at the time for three of his companies, KHOC LLC, BJK LLC and Mantau Land Co.

Jim Turner

Tags: auction, bankruptcy, bernie kosar, cleveland browns, land, miami hurricanes, quarterback, ten mile creek, Turnpike

This entry was posted on Wednesday, October 7th, 2009 at 10:29 am and is filed under Courts, Economy, St. Lucie County. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.