Palm Beach Condo Under Investigation by FL DBPR

Shared by Deborah Goonan, Independent American Communities

This is one of the most shocking examples of apparent abuse and corruption! One condo owner, Ken Bailynson, has wreaked havoc on Green Terrace Condominiums for over a decade. After purchasing several units, he opened a Sober House business, renting units to recovering substance abuse addicts.

He collected urine samples from the residents, sent them to a lab for testing, and collected the insurance money. He took over the Board, gave condos to a few of his cronies, and arranged for a $1.5 million loan from his own company to make repairs to the complex.

The FBI raided Bailynson and the Good Decisions Sober House operation in September 2014. The residents had to leave after the business closed. But Bailynson still remains in control of the Board, hitting up the owners for steep assessment increases and special assessments.

The Association recently foreclosed on 10 units, because the owners were unable to pay their assessments. As Bailynson and his rogue board continue to acquire units, remaining owners fear a hostile takeover is in the works.

Florida’s Department of Business and Professional Regulation is currently investigating the Board’s actions, following complaints filed by unit owners.

Green Terrace is yet another example of how one obnoxious but wealthy buyer can turn a modest residential condominium into a hell hole overnight.

You have to read these two Palm Beach Post articles to believe it.

Residents fight big loan, thousands in monthly fees in condo takeover

Link to in-depth story of Bailynson’s history at Green Terrace Condominiums

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