Developer Glenn Straub is accused of withdrawing from an agreement to sell a closed Palm Beach County golf course to BH Group for nearly $21 million.
On December 10, an affiliate of Aventura-based BH Group, headed by Liat and Isaac Toledano, filed a lawsuit against an entity controlled by Straub that owns the Polo West Golf Course. The property, located at 2470 Greenview Cove Drive in Wellington, spans 150.5 acres and is considered a prime redevelopment site. According to the complaint, which was filed in Palm Beach County Circuit Court, the suit seeks a court order to compel the sale, which was reportedly scheduled to close last month.
“All the terms of the agreement were finalized, and then the seller refused to close,” Robert Stok, attorney for the BH affiliate, told The Real Deal. “My client is ready, willing, and able to close, but [Straub’s entity] just backed out of the deal.”
A Straub spokesperson shared a statement from the developer’s legal team, which claimed that “the transaction stalled not due to a lack of cooperation by the seller, but because the buyer failed to perform under the terms it originally set, and later declined reasonable alternatives offered to facilitate closing.”
The lawsuit states that in August, Straub’s entity agreed to sell the site for $20 million. BH Group placed a $250,000 deposit, and added another $100,000 when the inspection period was extended until October 31.
On October 31, both parties agreed to amend the contract, increasing the purchase price to $20.7 million. The revised terms called for Straub’s entity to provide $20 million in seller financing at a 3 percent interest rate with a two-year term, according to the complaint. Before the scheduled closing on November 10, the seller’s attorney reportedly requested that the loan amount be reduced to $18.6 million, but did not provide an amended agreement.
The lawsuit alleges that Straub’s entity did not complete the sale.
According to the statement from Straub’s legal team, BH Group initially indicated it would need no more than 30 days and a soil test to close on the property with a full cash payment.
“That representation formed the basis for allowing the contract to proceed,” the statement read. “However, after those conditions were satisfied, BH Group did not close as promised. Instead, the buyer repeatedly requested extensions, despite earlier assurances of readiness.”
Straub’s team said seller financing was offered to keep the deal alive, but claimed BH Group would not agree to terms that would adequately protect the seller from lender risk.
Straub, who owns Palm Beach Polo & Country Club, reacquired the Polo West property from veterinarian Scott Swerdlin about a year ago. Swerdlin had bought the property from Straub for $16 million in 2019, but state records show Straub regained control earlier this year.
The Polo West Golf Course previously hosted PGA Tour events and featured polo fields and croquet lawns. However, Straub’s unsuccessful redevelopment attempts left the site overgrown and unused. Over the years, he has received numerous code citations from Wellington officials for property maintenance and permit violations.
BH Group currently has no immediate redevelopment plans for the site, according to a source familiar with the deal. The company is known as one of South Florida’s most active buyers of development sites and has partnered with firms such as Related Group, Pebb Enterprises, and Kolter on a range of mixed-use, hotel, and condominium developments.
