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DICKSON v. HEATON

No. 4D11-2411.

87 So.3d 81 (2012)

Mark L. DICKSON, Mark L. Dickson as Trustee of the Mark L. Dickson Revocable Trust, Nicholas Kavouklis, Sam Kelley, and Joseph J. Clauer, derivatively as members and on behalf of 775 Vero Estates, LLC, a Florida limited liability company, Appellants, v. George W. HEATON, Heaton Vero Properties, Inc., a Florida corporation, Lee Heaton, Thomas R. Newkirk, 155 Vero, LLC, a Florida limited liability company, 900 Vero, LLC, a Florida limited liability company, Appellees.

District Court of Appeal of Florida, Fourth District.

Rehearing Denied May 23, 2012.

Attorney(s) appearing for the Case

Elliot H. Scherker , Alan T. Dimond , Brigid F. Cech Samole and Timothy A. Kolaya of Greenberg Traurig, P.A., Miami, for appellants.

Stephanie Reed Traband of Jones, Walker, Waechter, Poitevent, Carrere & Denegre, LLP, Miami, and John P. Leonard of McElroy, Deutsch, Mulvaney & Carpenter, LLP, Morristown, New Jersey, for appellees, George W. Heaton, Lee Heaton, Heaton Vero Properties, Inc., a Florida corporation, and 900 Vero, LLC, a Florida limited liability company.

Michael A. Linsky of Michael A. Linsky, P.A., Tampa, for appellee, Thomas R. Newkirk.

GROSS, J.

This case arises from a land speculation deal in which several investors formed a limited liability company, 775 Vero Estates, to flip five contiguous waterfront lots. After the company sold two of the lots to the lending bank, the bank foreclosed on the lots 775 Vero still owned. What looked like a good opportunity during the real estate bubble gave way to market realities after the bubble burst. Having lost their investments and expected profits, several...

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