Sillerman’s Island Adventure

Credit Suisse has asked a New York court for a $21.4 million judgment from rollup king Robert F.X. Sillerman over his alleged failure to pay the outstanding balance of a credit agreement with Flag Luxury Properties in Anguilla, British West Indies.

Sillerman, the CEO of “American Idol” brand owner CKX Inc., has also reportedly defaulted on other payments due since April 2008.

Flag Luxury is described as an “affiliate” of FX Real Estate and Entertainment, according to Bloomberg News. FX Real Estate is the Sillerman-chaired company that has already defaulted to Credit Suisse on loans for $475 million to develop an Elvis Presley-themed hotel and resort on the Las Vegas Strip.

Flag Luxury had announced a deal to develop and operate an “exclusive ultra-luxury hotel and residences” called the Baccarat Hotel and Residences at Temenos, on the Caribbean resort island of Anguilla.

The project reportedly went into default before construction began on the 18-acre resort. Local reports indicated the project was “suspended” in August 2008, leaving Chinese laborers stuck on the island when the construction contractor that imported them abruptly departed.