Marina Developer Files for Personal Bankruptcy

Developer Abraham M. Lurie has filed for personal bankruptcy in the midst of a pitched battle with his Saudi Arabian partners for control of his extensive Marina del Rey holdings.

Lurie sought Chapter 11 bankruptcy protection late Tuesday as mounting legal and financial pressures threatened to sink his Marina holdings, including three hotels, two apartment complexes, shopping centers, offices, restaurants, more than 1,000 boat slips and the last undeveloped piece of waterfront land in Marina del Rey.

All of the businesses operate on public land through 60-year leases with Los Angeles County. All together, Lurie’s properties make up nearly one-fifth of the entire marina. The bankruptcy filing is the latest in a series of legal maneuvers by Lurie to protect his personal assets at a time when he is being sued by his Saudi partners, his ex-wife and former real estate brokers, and is in default on more than $50 million in loans from four banks.