B of A files foreclosure on Colony assets

Bank of America has filed a foreclosure suit against Colony Beach & Tennis Resort Chairman and owner Dr. Murray “Murf” Klauber and his resort corporations, alleging they have defaulted on three loans whose outstanding amounts total $8.02 million.

In a complaint filed with the Sarasota County 12th Judicial Court April 23, Bank of America alleges that Klauber and seven corporations controlled by him have been in default of loan covenants and payments since October 2007.

The suit says the bank notified Klauber twice at the end of 2007, on April 23, 2008, and on Dec. 18, 2008, that he and the corporations were in default. In the December letter, the bank said the balances due “were being accelerated.”