1674-4 Jacobs Family 129 of 163, 2 Terms
mh TARLETON HOTEL OWNER'S ERROR 10/11/1984
THE MIAMI HERALD
Copyright (c) 1984, The Miami Herald
DATE: Thursday, October 11, 1984 EDITION: FINAL
SECTION: NEIGHBORS MB PAGE: 9 LENGTH: 37 lines
SOURCE/CREDIT LINE: DORY OWENS Herald Staff Writer
TARLETON HOTEL OWNER'S ERROR
LEADS TO A FORECLOSURE LAWSUIT
The Tarleton Hotel is caught in a foreclosure action that the owner
attributes to human error.
His own.
"It slipped my mind," hotelier Eric Jacobs said of his failure to make a
$3,000 payment on the hotel in April.
Leonard Grand, trustee for a group of investors that hold the mortgage,
filed a foreclosure suit in late June, claiming that Jacobs failed to make his
April payment until nearly the end of that month. The April payment and all
subsequent installments have since been paid.
"This hotel is not in foreclosure. We're very liquid, very solid, " Jacobs
said Tuesday. "This is a stupid suit. No one has better credit on the Beach
than the family Jacobs."
Jacobs said he forgot to make his April payment and didn't learn of the
error until after he mailed his May installment.
Jacobs still owes $200,200 on hotel at 2469 Collins Ave., which he and
his late father Walter Jacobs bought for $1.1 million in 1973, he said.
"Do you think I'm going to lose this hotel for a lousy $3,000?" Jacobs
said.
The hotelier, a member of the Miami Beach Visitor and Convention
Authority, said he believes Grand is trying to force him to refinance the
hotel at interest rates higher than the 7 percent interest he now pays.
"He has a contract with these people. It was breached and he has a right
to foreclose," said Robert S. Miller, a Hollywood attorney representing Grand.
Miller refused further comment on the forclosure action.
At worst, Jacobs said, he could be forced to pay the note outstanding on
the property. "I'm going to see this thing through to the end, " he said. The
trial has not yet been scheduled.
TAG: 8403150152