Largest Remaining Golf Course Parcel Goes To Highest Bidder
LABELLE, FL. -- Arizona investor in Hendry County land, Michael J. Lafferty will most likely lose his last remaining parcel of Hendry land April 17. Lafferty and Port LaBelle Investors LLC has been sued by Trop LLC and John Hartemink to recover 31 acres of what used to be part of the Port LaBelle golf course.
Located between the Caloosahatchee River and State Road 80 in LaBelle, it's the largest piece of the old Port LaBelle golf course remaining. It's now used as a cattle pasture. The mortgage holders sued Lafferty in 2009 after mortgage payments stopped.
Lafferty bought the land back in 2005 for $1,240,000 near the height of the U.S. real estate boom, when prices were escalating wildly. The Hendry property appraisers says it's worth about $160,000, about $5,100 an acre.
He also briefly owned an adjoining parcel and the Port LaBelle Inn. Both were lost as a result of foreclosure actions against him a few years after his purchase.
Unless Lafferty can come up with money to pay off the mortgage holders, he will lose the property to the highest bidder at the Hendry Courthouse on April 17. If there are no bidders the mortgagees will take the property.