Even the wealthy in Palm Beach, Florida are finding non-discretionary income is tight. Chariots of Palm Beach voluntarily filed for Chapter 11 bankruptcy protection with the Florida Southern Bankruptcy Court (case 9:17-bk-19455-PGH) and asked the court to appoint a chief restructuring officer.
In a file petitioned with the U.S. Bankruptcy Court, the West Palm Beach-based luxury car dealership listed assets of $1.0 million to $10.0 million and liabilities of $10.0 million to $50.0 million. H&S Inc., an affiliated company, also filed Chapter 11 and will have its case managed together with Chariots of Palm Beach.
The dealership sells pre-owned luxury vehicles from a variety of manufacturers. According to the company’s web site, its showroom has room for 80 cars. It also rents luxury cars for just $1,399 per day.
Chariots of Palm Beach has not yet provided a detailed list of its assets. County records show that Chariots of Palm Beach owns a 0.7-acre lot with a 14,910-square-foot auto sales building, which was last appraised at $1.33 million.
The largest unsecured creditors listed in the company’s bankruptcy petition are Alan and Susan Gilison in Sands Point, New York with a $756,000 claim and Robert Berens, also from Sands Point, with a $284,833 claim.
Chariots of Palm Beach has not yet disclosed its secured creditors. But according to county records, Chariots of Palm Beach signed a mortgage for $500,000 in October 2016 with North Florida Mango Credit. In May 2016, the company inked a $1.5-million mortgage with Anchor Commercial Bank. Neither lender has pending litigation against Chariots of Palm Beach.
“Chariots of Palm Beach case 9:17-bk-19455-PGH,” United States Bankruptcy Court of Southern Florida, last accessed August 4, 2017.
“About Us,” Chariots of Palm Beach, last accessed August 4, 2017.
“Chariots of Palm Beach,” Palm Beach County Property Appraiser, last accessed August 4, 2017.
“Second Mortgage and Security Agreement,” Clerk and Comptroller Palm Beach County, last accessed August 4, 2017.
“Mortgage Note and Loan,” Clerk and Comptroller Palm Beach County, last accessed August 4, 2017.