Florida Homebuilder Levitt & Sons LLC and 37 of its Subsidiaries File for Chapter 11 Bankruptcy – Levitt & Sons of Flagler County LLC Owns over 334 Acres near the Flagler Airport

Move does not effect parent company

November 12, 2007 – Palm Coast, FL – Levitt & Sons LLC, one of Florida’s largest homebuilders, along with 37 of its subsidiaries filed voluntary petitions for chapter 11 bankruptcy. This action does not effect the parent, Levitt Corporation, or its other principal subsidiary, Core Communities.

Levitt & Sons of Flagler County LLC purchased over 334 acres from The Reserve LLC, a subsidiary of LandMar and Crescent Resources in December 2005. Public records show the transaction was valued at $9.36 million. Levitt & Sons planned to build an age-restricted community there. The Levitt parcels are south of the Flagler County Airport adjoining Grand Landing, a gated residential project currently being developed and marketed  by LandMar.

According to information released by Levitt, some recent homeowners may face legal problems because unpaid subcontractors have placed liens on their homes. Levitt & Sons cannot satisfy the liens. In addition, recent home buyers with construction problems have lost the safety net of a home warranty. Under Chapter 11, Levitt & Sons is unable to honor warranties.