Fort Lauderdale home bulder Levitt and Sons files for bankruptcy

As of last Friday, Fort Lauderdale based home builder, Levitt and Sons became the nation’s largest home builder to file for bankruptcy.

Levitt and Sons filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court in Broward County.  It listed assets of less than $1 million and debts of more than $100 million.

The bankruptcy comes as little suprise after the company defaulted on more than $300 million worth of loans from Wachovia, Bank of America, and other banks and recently stopped construction on all current buildings.

Levitt and Sons currently has developments going in Port St. Lucie, Orlando, and Jacksonville here in Florida.   Levitt gave no assurances to buyers with unfinished homes, but said it will try to complete some of them and hold closings for previously finished properties.

The parent company of Levitt and Sons, Levitt Corp had assets of $900 million and debt of $780 million as of September 30th.  As of Friday, Levitt Corp moved Levitt and Sons off its books.

You can read more about the Levitt and Sons bankruptcy at the Sun Sentinel.