Florida's Foreclosure King David Stern Putting His Assets Up For Sale
Foreclosure lawyer David Stern is putting his luxury assets worth tens of millions up for sale according to a comprehensive piece by the Orlando Sun-Sentinel. The newspaper tracked down the many possessions of the lawyer who built Florida's largest foreclosure legal practice. Stern took a $58.5 million payout last year and his company DJSP Enterprises which provide paperwork services to his law firm is traded on the Nadaq stock exchange.The company has faltered in recent months and around 1,000 DJSP employees have been laid off since last fall. Stern's firm was once one of the largest foreclosure firms in Florida but there have been claims of fraudulent court documents being filed in foreclosure cases. It is now one of seven foreclosure law firms being investigated by the Florida Attorney General's Office.
Stern has listed two properties on South Florida's Hillsboro Beach and the Sun-Sentinel article says that what is believed to be his Italian-built superyacht, the 130-foot yacht, Misunderstood, is listed for sale for $18 million at The Yacht & Brokerage Show on Miami Beach. Together two properties on Hillsboro Beach which have enviable ocean-to-intracoastal lots are listed for a total of nearly $20 million. A Vail ski house belonging to Stern's wife is also on the market for around $6 million.
Even if he sells those properties he still has a $15 million mansion in Fort Lauderdale and a penthouse condo in the Ritz Carlton on Fort Lauderdale Beach.
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