By Dan Christensen, browardbulldog.org
Las Olas Company president and chairman Irving Bowen mortgaged the venerable hotel to obtain the short-term loan. Three months later, he was fired by the company’s board of directors.
Barbara Wells, heiress to a large Broward family fortune that includes The Las Olas Company, sued Bowen in August for allegedly squandering “tens of millions of dollars” of her corporate and trust fund money. She claimed Bowen used her riches to live the high life, while “running the company into the ground.”
Bowen declined to discuss the lawsuit, the mortgage loan or say why he went to a law firm and not a bank to borrow $6 million for The Las Olas Company.