First Brownsville Company borrowed funds from Beach Community Bank to build and operate a mini-warehouse storage business. The loan was secured by a mortgage. First Brownsville defaulted on the payments. Beach filed an action in a Florida state court to foreclose on the mortgage. The court determined that First Brownsville owed $1,224,475, entered a judgment for the bank, and ordered a foreclosure sale. The property was appraised to be worth $770,000, but Beach bought it for a mere $1,300 at the sale and sought a deficiency judgment.

What should be the amount of the deficiency judgment?

Why?