Great payout wasn’t sale motive [South Florida]
Looking back, it was a heck of a land deal.
Seven investors, five of whom were Bradenton High School chums from the late 1940s, bought 60 acres along a scenic stretch of the Braden River in 1978 for $350,000, about $1.2 million in current dollars.
There, in the middle of nowhere, they built the 476-unit Horseshoe Cove RV Resort, a quintessential Florida destination for snowbirds and the 55-and-older crowd.
Now, the aging group of investors is cashing out. They agreed last week to sell Horseshoe Cove for $24 million to a company that manages 30 or so such communities throughout Florida, including RV parks in Ellenton and Punta Gorda.