'We Did Do Our Homework. We're Smart People,' Says Retiree — But Their Florida Builder Collapsed, Leaving Dream Homes Unfinished and Savings Drained

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For galore Americans, retiring successful Florida isn't conscionable a imagination — it's portion of the plan. Sunshine, nary authorities income tax, and the committedness of a peaceful waterfront location pull thousands of retirees each twelvemonth hoping to bask the rewards of a beingness of work.

But an probe by Newsweek successful November revealed however that imagination transformed into a fiscal situation for dozens of families who trusted a once‑respected builder with their beingness savings.

According to the outlet, Beattie Development — led by longtime Florida builder Paul Beattie — accepted millions from retirees anxious to physique customized homes. Many sold their homes successful different states, moved belongings into storage, and signed contracts with certainty aft proceeding glowing recommendations and seeing awards Beattie had earned successful the section gathering community.

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Then operation slowed. In immoderate cases, it ne'er began.

Matt and Kristen Kramer, who had planned to determination successful wrong 10 to 11 months, said a afloat twelvemonth passed and the builder inactive hadn't breached ground.

The delays began successful 2022. Buyers accidental they were repeatedly told not to sojourn operation sites arsenic the institution blamed setbacks connected Hurricane Ian cleanup efforts. By the clip galore returned, they discovered Beattie Development had entered liquidation — the state‑run process utilized erstwhile a institution collapses financially — leaving them without finished homes and without the wealth they had already paid.

According to WINK News successful 2024, tribunal documents amusement that Beattie Development owed much than $11.5 cardinal successful debt.

Homeowners were informed they would person restitution of conscionable $240.36 — aboriginal doubled — a fig radical described arsenic insulting fixed their losses.

Among those affected were John and Mary Ann Fitzgerald, ranchers who had spent decades gathering toward a Florida retirement.

"Not lone did the builder wantonness us, taking each of our beingness savings," Mary Ann Fitzgerald told Newsweek, "but the deficiency of enactment by our elected officials and instrumentality enforcement forced america to instrumentality retired a indebtedness to decorativeness the location connected our own."

Others, similar the Kramers, accidental their timeline for leaving enactment has shifted dramatically. "Our liquid savings are gone," Kristen Kramer said. "It astir apt enactment america different 2 oregon 3 years down successful presumption of retiring."