Palm Beach Mall's owner owes $55 million - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Palm Beach Mall's owner owes $55 million

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Posted by Rachel Leigh email

WEST PALM BEACH, FL (WFLX) - Things are not looking good for the Palm Beach Mall.

According to our partners at the Palm Beach Post, the mall's owner is now in foreclosure and owes more than $55 million in loans.

The mall is virtually vacant with major stores, like Macy's, recently packing up and moving out.

The owner, Simon Property Group, had planned to tear down the mall to bring in IKEA and several other big box stores, but that doesn't look like it's going to happen now with the economy.

JP Morgan Chase, who owns the mortgage on the mall, is now looking to sell the property in order to satisfy the loans.

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