Auction seeks big bucks for South Florida estate

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BOCA RATON, Fla. (AP) — A massive Italian Renaissance-style estate owned by a South Florida businessman who defaulted on the mortgage is on the auction block after failing to sell for $21.9 million.

The auction of Richard Rochon's 25,000 square-foot waterfront home is scheduled for July 11 here.

The gated estate has seven bedrooms, an elevator, an indoor lap pool, a theater, and 475 feet of boat dockage space. Rochon's lender, Thornburg Mortgage Inc., filed a foreclosure notice on the home in December.

There's no minimum bid for the auction. Bidders must present a $250,000 deposit before bidding.

Rochon is co-founder of private equity investment firm Royal Palm Capital Partners and a former associate of billionaire entrepreneur H. Wayne Huizenga.