diff --git a/controllers/openstackcluster_controller.go b/controllers/openstackcluster_controller.go
index d36a0acf9f..1401c2c6db 100644
--- a/controllers/openstackcluster_controller.go
+++ b/controllers/openstackcluster_controller.go
@@ -57,9 +57,9 @@ import (
 
 const (
 	BastionInstanceHashAnnotation = "infrastructure.cluster.x-k8s.io/bastion-hash"
+	waitForOctaviaPortsCleanup    = 15 * time.Second
 )
 
-// OpenStackClusterReconciler reconciles a OpenStackCluster object.
 type OpenStackClusterReconciler struct {
 	Client           client.Client
 	Recorder         record.EventRecorder
@@ -174,10 +174,14 @@ func (r *OpenStackClusterReconciler) reconcileDelete(ctx context.Context, scope
 			return reconcile.Result{}, err
 		}
 
-		if err = loadBalancerService.DeleteLoadBalancer(openStackCluster, clusterResourceName); err != nil {
+		result, err := loadBalancerService.DeleteLoadBalancer(openStackCluster, clusterResourceName)
+		if err != nil {
 			handleUpdateOSCError(openStackCluster, fmt.Errorf("failed to delete load balancer: %w", err), false)
 			return reconcile.Result{}, fmt.Errorf("failed to delete load balancer: %w", err)
 		}
+		if result != nil {
+			return *result, nil
+		}
 	}
 
 	// if ManagedSubnets was not set, no network was created.
diff --git a/pkg/cloud/services/loadbalancer/loadbalancer.go b/pkg/cloud/services/loadbalancer/loadbalancer.go
index be9edd2a32..13af43f4ef 100644
--- a/pkg/cloud/services/loadbalancer/loadbalancer.go
+++ b/pkg/cloud/services/loadbalancer/loadbalancer.go
@@ -31,6 +31,7 @@ import (
 	"k8s.io/apimachinery/pkg/util/wait"
 	utilsnet "k8s.io/utils/net"
 	"k8s.io/utils/ptr"
+	ctrl "sigs.k8s.io/controller-runtime"
 
 	infrav1 "sigs.k8s.io/cluster-api-provider-openstack/api/v1beta1"
 	"sigs.k8s.io/cluster-api-provider-openstack/pkg/record"
@@ -41,12 +42,14 @@ import (
 )
 
 const (
-	networkPrefix   string = "k8s-clusterapi"
-	kubeapiLBSuffix string = "kubeapi"
-	resolvedMsg     string = "ControlPlaneEndpoint.Host is not an IP address, using the first resolved IP address"
+	networkPrefix           string = "k8s-clusterapi"
+	kubeapiLBSuffix         string = "kubeapi"
+	resolvedMsg             string = "ControlPlaneEndpoint.Host is not an IP address, using the first resolved IP address"
+	waitForOctaviaLBCleanup        = 15 * time.Second
 )
 
 const loadBalancerProvisioningStatusActive = "ACTIVE"
+const loadBalancerProvisioningStatusPendingDelete = "PENDING_DELETE"
 
 // We wrap the LookupHost function in a variable to allow overriding it in unit tests.
 //
@@ -658,32 +661,40 @@ func (s *Service) ReconcileLoadBalancerMember(openStackCluster *infrav1.OpenStac
 	return nil
 }
 
-func (s *Service) DeleteLoadBalancer(openStackCluster *infrav1.OpenStackCluster, clusterResourceName string) error {
+func (s *Service) DeleteLoadBalancer(openStackCluster *infrav1.OpenStackCluster, clusterResourceName string) (result *ctrl.Result, reterr error) {
 	loadBalancerName := getLoadBalancerName(clusterResourceName)
 	lb, err := s.checkIfLbExists(loadBalancerName)
 	if err != nil {
-		return err
+		return nil, err
 	}
 
 	if lb == nil {
-		return nil
+		return nil, nil
+	}
+
+	// If the load balancer is already in PENDING_DELETE state, we don't need to do anything.
+	// However we should still wait for the load balancer to be deleted which is why we
+	// request a new reconcile after a certain amount of time.
+	if lb.ProvisioningStatus == loadBalancerProvisioningStatusPendingDelete {
+		s.scope.Logger().Info("Load balancer is already in PENDING_DELETE state", "name", loadBalancerName)
+		return &ctrl.Result{RequeueAfter: waitForOctaviaLBCleanup}, nil
 	}
 
 	if lb.VipPortID != "" {
 		fip, err := s.networkingService.GetFloatingIPByPortID(lb.VipPortID)
 		if err != nil {
-			return err
+			return nil, err
 		}
 
 		if fip != nil && fip.FloatingIP != "" {
 			if err = s.networkingService.DisassociateFloatingIP(openStackCluster, fip.FloatingIP); err != nil {
-				return err
+				return nil, err
 			}
 
 			// If the floating is user-provider (BYO floating IP), don't delete it.
 			if openStackCluster.Spec.APIServerFloatingIP == nil || *openStackCluster.Spec.APIServerFloatingIP != fip.FloatingIP {
 				if err = s.networkingService.DeleteFloatingIP(openStackCluster, fip.FloatingIP); err != nil {
-					return err
+					return nil, err
 				}
 			} else {
 				s.scope.Logger().Info("Skipping load balancer floating IP deletion as it's a user-provided resource", "name", loadBalancerName, "fip", fip.FloatingIP)
@@ -698,11 +709,11 @@ func (s *Service) DeleteLoadBalancer(openStackCluster *infrav1.OpenStackCluster,
 	err = s.loadbalancerClient.DeleteLoadBalancer(lb.ID, deleteOpts)
 	if err != nil && !capoerrors.IsNotFound(err) {
 		record.Warnf(openStackCluster, "FailedDeleteLoadBalancer", "Failed to delete load balancer %s with id %s: %v", lb.Name, lb.ID, err)
-		return err
+		return nil, err
 	}
 
 	record.Eventf(openStackCluster, "SuccessfulDeleteLoadBalancer", "Deleted load balancer %s with id %s", lb.Name, lb.ID)
-	return nil
+	return nil, nil
 }
 
 func (s *Service) DeleteLoadBalancerMember(openStackCluster *infrav1.OpenStackCluster, openStackMachine *infrav1.OpenStackMachine, clusterResourceName string) error {