News Summary
A Miami-Dade County Court has ruled that 777 Partners owes The Boca Raton over $800,000 in unpaid event fees from a January 2023 event. The court ordered garnishment of the firm’s bank accounts, while 777 Partners faces additional legal troubles, including an eviction lawsuit. As the situation unfolds, it highlights the importance of adhering to contractual obligations.
Miami-Dade County Court Delivers Blow to 777 Partners in Event Fee Dispute
In a significant turn of events, a Miami-Dade County Court has ruled in favor of The Boca Raton, ordering the private equity firm 777 Partners to cough up over $800,000 in a lengthy legal tug-of-war over unpaid event fees. The spat stems from an extravagant $1.5 million event hosted by 777 Partners back in January 2023, and things have only heated up since then.
The Details of the Ruling
The court’s ruling requires 777 Partners to pay a total of $808,000, which breaks down to $556,400 in damages and $251,300 in interest. Yep, interest! That amount has been racking up at a hefty annual rate of 18% due to the firm’s late payments.
What’s more, the court has taken steps to enforce this judgment by issuing garnishment orders against 777 Partners’ bank accounts held at City National Bank of Florida and Goldman Sachs. Reports indicate that 777 Partners has nearly $350,000 sitting in accounts at City National Bank. Meanwhile, Goldman Sachs appears to be keeping mum on their end regarding the garnishment order.
Background of the Lawsuit
The trouble began when Boca Owner LLC, the parent company of The Boca Raton, filed a complaint against 777 Partners last August, accusing them of breach of contract. This breach occurred when 777 Partners allegedly defaulted on the final installment for the event bill, which was due back in December 2023. The lawsuit revealed that although the firm made some partial payments, they didn’t settle the full balance, which at the time exceeded $727,000 plus a monthly interest rate of 1.5%.
777 Partners’ Ongoing Troubles
The saga continues, as a spokesperson for 777 Partners has not answered any queries related to this ongoing legal strife. Adding to the mystery, the company’s website is currently inactive, and its phone number is out of service. It raises questions about the company’s status and what’s next in this unfolding drama.
What’s Next?
Deeper Dive: News & Info About This Topic
- Florida Trend: Florida’s Venture Capital Firms – 2015
- Boca Raton Tribune: Habitat for Humanity – Greater Palm Beach County’s Second Annual Private Equity Community Build
- GovCon Wire: AE Industrial Partners Raises $1.3B for 3rd Fund
- Wikipedia: Private Equity
- Business Wire: AE Industrial Establishes Commercial HVAC Services Platform
Author: STAFF HERE JACKSONVILLE WRITER
JACKSONVILLE STAFF WRITER The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
