By Michael Rochvarger

This dream has turned into a nightmare. Four years ago Lev Leviev, the controlling shareholder in Africa Israel, and Israeli-American businessman Shaya Boymelgreen, embarked on a fabulous real estate venture in South Florida.

The project's trumpeted plans included residences, hotels, offices and more, with a total investment of $1.5 billion. Now reality has struck back hard, and the two entrepreneurs find themselves in an uncomfortable predicament.

Only one part of the project, the 306-unit Marquis residential tower, is actually being built. After each side hurled accusations at the other - concerning the stiff competition in the region; the worsening economic climate and the partners' inability to leverage their plans; the disintegration of the Leviev Boymelgreen's management team and delays in various payments - their partnership was dissolved.

Now all the projects are in Leviev's hands and he plans to open an independent Africa Israel office in Miami. Boymelgreen's activities in Florida are being conducted via Boymelgreen Developers of Florida.

The South Florida Journal reports that many purchasers of condos in the Soleil residential tower and Leviev Boymelgreen's other South Florida projects have filed suits against the company for the return of their deposits - of hundreds of thousands of dollars each.

The buyers ran out of patience for their new homes to be built and discovered the only way to recoup their money was through the courts.

Some buyers have already received their refunds, following a nine-month struggle. For others, the legal battle continues, although the South Florida Journal says that Hector Torres, VP of development for Africa Israel in Florida, claims Leviev Boymelgreen refunded all buyer deposits for Soleil.

The buyers are not the only ones suing Leviev Boymelgreen. The South Florida Journal reports that various real estate agents who brokered the sales of the condos are suing for about $900,000 in damages.

On top of everything else, even the Marquis building is in trouble, as it has been included on the list of 191 projects whose buyers will be denied mortgages by Bank United, one of South Florida's largest lenders.