Don King averted a knockout punch to his real estate investments after selling a distressed Deerfield Beach warehouse for $11 million. The legendary 93-year-old boxing promoter, who lives in Boca Raton, sold the property for more than double what he owed on an allegedly delinquent mortgage.
An affiliate of Straticon, a Boca Raton-based construction firm, bought the 46,467-square-foot office and industrial building at 501 and 555 Fairway Drive, records and real estate database Vizzda show. The deal breaks down to roughly $237 a square foot.
An entity managed by King paid $3 million for the property in 2000, records show. The two-story building was completed in 1985. The 4.4-acre site was the longtime home for Don King Productions, which for decades promoted some of the biggest boxing matches in the sport. King’s stable of world champion fighters included Muhammad Ali, George Foreman, Mike Tyson, Evander Holyfield and Roy Jones Jr.
Court records show King appears to have resolved a March foreclosure complaint by a lender. An affiliate of Miami-based Blue Capital Partners voluntarily dismissed its lawsuit on July 18. The complaint alleged that King stopped making interest only payments last year on a $5.1 million loan obtained in 2023 from a previous lender. The amount was increased by $200,000 and personally guaranteed by King shortly before Blueprint Capital acquired the mortgage last year, the suit states.
King is looking to avoid another blow to his real estate holdings, this time in Palm Beach County. He recently enlisted Miami-based Porosoff Group to try and sell a distressed former Jai-Alai site in Mangonia Park. A source familiar with the listing said King is seeking offers starting at about $104 million for the 52-acre property. King paid $6.3 million for it in 1999, records show.
Shortly after putting the Mangonia Park site on the market, a lender sued three King-managed entities for allegedly defaulting on three separate loans totaling $38 million secured by the property.
The site is primarily zoned for office, governmental, medical outpatient, educational and manufacturing uses, but 25 percent of the site could be used for retail such as pharmacies, gift shops, restaurants and gyms, an offering states.
