$510 million Briny Breezes deal collapses
A dream of riches, a shimmering city by the sea, a final battle for Florida.
The story is over. At least for now.
Two years after a wealthy suitor came courting, eight months after $510 million became too good a deal to pass up, and 17 days after the developer said it had “every intention of seeing this through,” this oceanfront gaggle of mobile homes is back to square one.
Monday morning, just five days before a $500,000 deposit would have jumped to $5 million, Boca Raton-based Ocean Land Investments wrote a “Dear John” letter. It told the corporate board that runs Briny Breezes that it was calling off the deal to buy the 43-acre park – a deal that would have made many residents millionaires – and convert it to a resort.