VERO BEACH — A Nevada corporation that holds the mortgage for Vero Fashion Outlets is seeking to foreclose on the mall, according to civil lawsuit filed in Indian River Circuit Court.

LNV Corp. of Nevada is seeking $32.15 million, including principal and interest, because the mall defaulted on payments, according to the lawsuit.

“Vero (Fashion Outlets) has defaulted,” wrote attorney Kenneth Curtin, of West Palm Beach, in a lawsuit filed Aug. 26. It is assigned to Circuit Judge Paul Kanarek. No action has been taken in the civil lawsuit and the mall’s owners have not responded to the allegations. Curtin did not return calls Wednesday.
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PORT ST. LUCIE — Hundreds of Tesoro property owners aren’t waiting around while their subdivision’s developer grinds through bankruptcy court: They’re filing their own lawsuits against Ginn Resorts and its affiliates.

Property owners are charging Ginn with a host of wrongdoings, including selling lots through Ponzi schemes, fraudulently inflating property values, lying to and duping clients, failing to account for hundreds of thousands of dollars in membership dues and missing escrow accounts and backing out on promises to build amenities.

Timothy Vetrano, 72, a retiree from Manhasset, N.Y., who lives at Tesoro with his wife Marilyn, said his experience falls under “buyer beware.”
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The Wellington investor who bought Port St. Lucie’s upscale Tesoro development out of bankruptcy has grand visions for the community — and they don’t center on golf.

Glenn Straub, a polo magnate in Palm Beach County, hopes to bring a giant equestrian complex to Tesoro at the southern edge of St. Lucie County.

He wants to build barns, show rings, training rings — and everything else needed for the high-end horse crowd.

“It will be a satellite to Wellington, and we’ll have shows once a week,” said Straub, who owns Palm Beach Polo Golf & Country Club in Wellington.

To accommodate the Port St. Lucie complex, he’s in talks to buy more property just east of Tesoro, which sits north of Becker Road. He hasn’t decided how many acres, he said.

The goal is to have the equestrian digs up and running in time for season next year. (more…)