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Thor Chairman Joe Sitt, Stefano Ricci CEO Niccolo Ricci and the Miami store. (Getty, Thor, Miami Design District)
A mortgage trustee is suing affiliates of Thor Equities and fashion house Stefano Ricci, as well as Thor Chairman Joe Sitt, over an alleged unpaid loan on a Miami Design District property, with the plaintiff seeking foreclosure or receivership.
At issue is $17 million in an unpaid loan by the Thor affiliate, according to documents filed in Miami-Dade Circuit Court last month. Wellington Trust is the mortgage trustee and plaintiff in the case, and Midland Loan Services is the special servicer for the loan on the property at 118 to 120 Northeast 39th Street, home to a Stefano Ricci store.