The unfinished Palm House Hotel in Palm Beach, Florida, which backers say is the main attraction in a $40 million EB-5 visa fraud and is tied to a Connecticut grand jury indictment,, is set for auction Nov. 16.

An affiliate of New York-based developer and fund manager Related Cos. LP won approval Wednesday from U.S. Bankruptcy Judge Erik Kimball for a $32 million stalking horse bid, according to Boca Raton attorney Philip Landau, who filed the Aug. 2 bankruptcy petition for the owner, 160 Royal Palm LLC.

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