Michael Schlesinger Settles Condo Suit

Brash bad-boy Mike Schlesinger finally settles that Deauville Condo suit:

Under the settlement terms, all plaintiffs are eligible to purchase Deauville units they put under contract in 2004 and 2005, said plaintiff lawyer Michael Schlesinger. Depending on whether they originally agreed to cancel their contracts, they also can opt to get their money back or split a $75,000 payout from Deauville Associates.

Merco executives did not respond to interview requests.

Metz and two other investors signed a $175,000 contract for a one-bedroom Deauville unit in July 2004, then saw their deposit money returned when the developer called off sales. He thinks it's worth about $500,000 now.

Other plaintiffs aren't quite as bullish on the current real estate market, or at least have had a change of heart about buying into the Deauville. Schlesinger said some of his clients won't close -- thanks in large part to the difference three years have made.

2007 VS. 2004

''It's a different situation than in 2004,'' he said. While many counted on flipping condominiums then, now buyers are much harder to find. ''Maybe they don't have the money to close,'' Schlesinger continued.

Humm. Is this the one with Harley's firm, with Dorta defending, that was arbitrated before Mike Hanzman?

Doesn't seem like that great a settlement, but the market is in the crapper anyway, so maybe this was the best they could do.

And Mike -- get to work on that website, dude.