Miami Beach Mansion Faces Foreclosure
Woman Says Greed, Fraud Responsible For Loss Of Her Home
POSTED: Wednesday, September 30, 2009
UPDATED: 10:49 am EDT September 30, 2009
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MIAMI BEACH, Fla. -- One of the largest mansions on Miami Beach is tied up in foreclosure proceedings, its owner claiming fraud and greed are responsible for the loss of her home.In its heyday, Raquel and Martin Woolin's palatial Miami Beach waterfront estate was worth nearly $20 million.The 6-bedroom, 6 ½-bath, 8.500-square foot home is set on two acres on Pinetree Drive. It has a Venetian pool, guest house and all the luxuries money can buy.The couple lived in the house until Martin Woolin's suicide in 2001. "I'm devastated even now," Raquel Woolin told Local 10's Neki Mohan. "I didn't understand why he left me. I was very dependent on him. He was my everything."When her husband died, Woolin says she was heartbroken and confused about the finances surrounding the property. She had more than $1 million in equity and a mortgage payment she could afford. But she didn't work and her cash flow was limited.That's when she said a bank officer came calling, offering her friendship and advice. She said at first she was wary of his intentions, but he persisted."He said 'Why don't I get you a mortgage?' I said, I don't have an income. How am I going to pay it? I am very responsible that way. But he convinced me to get a mortgage," Woolin said.Woolin admits that her limited ability to speak and understand English and her trusting spirit were mostly responsible for her decision to sign for the loan. In the end, her mortgage soared to $50,000 a month, simply too much for her to afford."I can't even afford my electric bill," she said.The home is now tied up in foreclosure proceedings and Woolin has had to sell off everything she can to generate extra cash."The only income I have is my husband's Social Security. I'm selling the beautiful -- but not valuable -- things that I love to be able to eat next week," she said.There's a fine line between mortgage fraud and big business. It's not clear if fraud was committed in this case. But Woolin never met with Miami-Dade fraud investigators to discuss her case."It's a matter of greed, ambition and a fradulent situation," she said, describing what happened to her.When the house goes to auction, Woolin could end up with nothing, except the clothes that are left in her closet and a dog named after her favorite designer, Christian Dior.Woolin says losing her husband was her biggest heartache. Losing everything he worked for has been a costly lesson about human nature and the power of greed."It's not the material part, but the way they took it away from me," she said.According to court records, the storied estate is set to go on the auction block in October.
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