A year ago, developer Jeffrey Soffer presided over the most lavish hotel opening in South Florida history as supermodels, pop singers and movie stars celebrated his $650 million renovation of the Fontainebleau Miami Beach.

Just weeks from his 41st birthday, the real-estate heir joined family friends James Caan and George Hamilton in the VIP section for a private concert by Mariah Carey. Victoria's Secret models sashayed in a televised lingerie show hosted by Heidi Klum.

Exactly 12 months later, the $5 million weekend bash seems a mere financial footnote as Soffer confronts mounting challenges at South Florida's largest resort.

Among them:

• Contractors claiming more than $60 million in unpaid bills.

In court papers and interviews, contractors say they were ordered to work double- or triple-time to get the Fontainebleau ready for the Nov. 15, 2008, Victoria's Secret show, but that the resort stopped paying its bills at roughly the same time.

• The possibility of bankruptcy.

For the first time, a senior Fontainebleau executive on Saturday said publicly that bankruptcy was an option under consideration as the resort tries to reduce its $660 million construction loan and settle the contractor claims.

Last year, the investment arm of the Dubai government paid Soffer's ownership group $375 million for a 50 percent stake in the Fontainebleau. That deal gave the Dubai entity, part of Nakheel Leisure, the option to take over restructuring negotiations if there were problems with the resort's loans.

Days ago, Nakheel exercised that option, said Hamza Mustaffa, Nakheel's managing director. On Saturday, he said Nakheel and Soffer were waiting for recommendations from a restructuring consultant on the next step, and that one of the options could be a Chapter 11 filing that would let the resort continue operating while forcing creditors to negotiate.

``We haven't made a decision right now if we're going to file, or if we're not going to file,'' Mustaffa said.

While Nakheel has officially replaced Soffer as the lead negotiator with Fontainebleau's banks, Mustaffa said Soffer remains in charge of the hotel and that the partnership is solid.

``This is not us saying, `Jeff, you're out and we're in,' '' Mustaffa said while praising Soffer's role as the Fontainebleau developer. ``We've been working together.''

• Efforts by creditors to link the Fontainebleau with its bankrupt sister property in Las Vegas.

In 2007, Soffer launched construction on the $3 billion Fontainebleau Las Vegas, a 63-story casino hotel that went bankrupt in the spring before workers could finish construction on it.

The Vegas Chapter 11 filing came after banks cut off $800 million in funding for the project, and a court is expected to auction off the unfinished tower in the coming months.

Since the sales price will be a fraction of the $2 billion spent on the Vegas venture, the Fontainebleau Miami Beach expects Vegas creditors and lenders to pursue the Miami Beach resort, according to several people close to the Florida Fontainebleau.

Soffer declined to be interviewed for this story, but a spokesman released this statement: ``The Fontainebleau is performing well above its peers and we're very pleased with our progress in what's been a challenging economic environment.

``We continue to work closely with all of our stakeholders,'' the statement continued, ``including our partner Nakheel and our lenders, to position Fontainebleau Miami Beach for long-term success.''

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