Unreal Estate

Whoops: Shore Club Behind on Its Mortgage

By Kyle Munzenrieder Tue., Oct. 20 2009 at 4:32 PM
Categories: Unreal Estate
Shore Club on Flickr - Photo Sharing!.jpg
via tfdavis's Flickr
​If you're behind on your bills, you might not be able to shell out for a night at the swanky Shore Club. Though it seems the posh outpost is having trouble keeping up on its own mortgage. 

Philip and Michael Pilevsky, owners of the South Beach hotel that's home to Nobu, Ago, and Skybar, took out a $111.5 million mortgage in 2005, at the height of the real estate boom, according to the Wall Street Journal. But now they've apparently fallen behind by 30 days.

"A renovation of the hotel is in process, and there is a disagreement between the owner and the loan servicer regarding the servicer's funding obligations," a spokesperson told the Journal.

The PR people pretty talk didn't do much to dissuade WSJ from putting it on "Hotel Foreclosure Watch."

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Miami Beach, Shore Club
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