Central Florida Builder In Foreclosure Facing Homebuyer Lawsuits For Failure To Deliver Homes

Court filings say that real estate developer Platinum Properties of Central Florida has taken in more than $22 million in deposits on at least 400 contracts on homes in Lake and Polk counties in Florida that have yet to be built or completed, according to a story in the Orlando Sentinel. At least 10 disgruntled homebuyers have filed lawsuits against the developer for its failure to deliver the homes that are past due. The Florida Department of Law Enforcement is investigating the dealings. No criminal charges have been brought at this time.

Platinum's chief executive officer, David N. Weiker Sr., says he's confident another round of financing will come through to save the properties from foreclosure, proceedings that already have begun. Reportedly, Weiker had been accused by a company officer in an unrelated 2006 lawsuit of using the deposit money:

• to buy a spa for his home, invest in other companies, buy property in Georgia, use $178,000 to pay off his home's mortgage and pay a former business associate $150,000 for some of his stock shares, among other things.

For more, see Home buyers wait years, but lots are still empty.

Go here to watch Video: Developers Could Face Jail Time After FDLE Investigation.

For other articles on this story, see:

• Controversial Developer Is Selling Homes For New Subdivision,
• No Homes Built In Subdivision, Developer Under Investigation.

Go here for other stories of builders / contractors stiffing customers. contractors stiff subs customers alpha