Foreclosure attorney Stern selling Hillsboro Beach estate properties – and perhaps a superyacht
In yet another sign that times are tougher for Plantation foreclosure attorney David Stern, he is looking to unload luxury assets worth tens of millions, including two estate properties on Hillsboro Beach that stretch from the Intracoastal to the blue waters of the Atlantic and what is believed to be his Italian-built superyacht.
Stern, 50, made a fortune by building Florida’s largest foreclosure legal practice, with an army of attorneys and more than 1,000 employees processing paperwork for repossessions throughout the state.
He received a $58.5-million payout last January when he took his paperwork operation public and the new company, DJSP Enterprises, began trading on the Nasdaq stock exchange. He collected expensive properties, Ferraris and other luxury cars, and two jets.
But his law firm and DJSP have been battered in recent months by reports that his firm relied on fraudulent documents generated by the paperwork processors, and the firm is one of seven currently under investigation by the Florida Attorney General’s Office for alleged document irregularities.
Major banks stopped doing business with him, lawyers quit his firm and DJSP laid off its workers by the hundreds. The company had only approximately 50 employees remaining as of last notice.
What is reported to be Stern’s 130-foot yacht, Misunderstood, is listed for sale for $18 million at The Yacht & Brokerage Show on Miami Beach. The side-by-side properties on Hillsboro Beach are listed for a total of nearly $20 million. And a vacation chalet outside the ski-resort town of Vail, Colo., has been for sale for $6.9 million since last year.
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Boy, does crime pay…