A 154-acre tract west of Delray Beach once slated for 380-single family homes will go on the auction block Thursday.

A partnership of investors, including Key Biscayne-based United Real Estate Ventures, bought the land for $44.3 million in 2007, picturing a community built among lakes, a shopping center and a 10,000-square-foot clubhouse.

But mortally wounded by the housing bust, the development, called Whitworth Estates, was ordered in a July foreclosure judgment to pay $50.2 million to lender Lehman Brothers Holdings or face auction.

John Devaney, CEO of United Real Estate Ventures, said Tuesday he didn't want to comment about the auction or foreclosure, which was initially filed by Lehman in December 2008.

Devaney, a hedge fund manager, was also part of a failed 2007 deal to buy Briny Breezes - a beachfront cluster of mobile homes that was to be transformed into condo units, time shares and a hotel.

Devaney told The Miami Herald last year that his broker-dealer, United Capital Markets lost about $510 million in investments as the credit markets collapsed last year. His personal hit was more than $100 million.

The auction is being handled by the Palm Beach County Circuit Court.

``Obviously, every lender in a foreclosure sale is hopeful they'll get their final judgment,'' said Michael Woodbury, a shareholder at the Miami firm Woodbury and Santiago, which is representing Lehman in the auction. ``I don't think anyone expects someone to have a $50 million certified check though at a foreclosure sale.''

The vacant land on West Atlantic Avenue and Starkey Road has decreased 66 percent in total market value since purchased by Whitworth Estates PUD Acquisition LLC, according to the Palm Beach County Property Appraiser.

Now valued at $11.2 million, the total market value in 2007 was $33.7 million.

While current demand for Whitworth-like developments is low, the property could be valuable to someone willing to hold it until home sales rebound, said Brad Hunter, chief economist of the housing data firm Metrostudy.

``In a few years there will only be limited choices for residential development parcels big enough to do a meaningful community,'' Hunter said. ``Whoever buys this property will be able to provide something the market will need at some point.''

No one from other Whitworth Estates investors including the Ascot Development Group in Boca Raton and The Crimson Ibis Companies, could be reached for comment Tuesday.

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