A Venezuelan entrepreneur who has been working on settling a bankruptcy must now sell a million dollar estate on the very exclusive Star Island which overlooks Miami’s skyline, according to the Miami Herald.
The nine bedroom house, once owned by Vanilla Ice, is now one of the homes owned by Claudio Osario and his wife Amaryllis, and will be put on the market to help pay off creditors.
The Osarios were once jet setting entrepreneurs who have hosted fundraisers for Barak Obama and Hillary Clinton entered the bankruptcy courts after their company InnoVida Holdings, producers of high- tech building materials, failed; this Osario’s second failed business venture.
Osario has promised to repay debtors and investors who are demanding close to $50 million. The sale of the Star Island home is gesture of good faith according to Osario’s bankruptcy attorney. They will also have to sell a condo and Switzerland and a Colorado ski cabin.
Osario is attempting to reorganized his failed company and would be allowed to helm InnoVida, which will be renamed SPV. InnoVida investors believe that Osario’s company is rife with fraud.
Some failed companies are able to restructure their business if they are financially unsound. A bankruptcy attorney will be able to offer sound advice in which bankruptcy structure will work best for their clients. In some cases, a bankruptcy lawyer will offer solutions that can make it possible for people to keep their homes.
