Trailer park windfall: $510 million for Briny Breezes [South Florida]
A link to South Florida’s past saw the future Tuesday: It’s big and splashy and comes with a lot of zeroes.
And, if shareholders in this oceanfront mobile home park give their blessing, a Boca Raton developer they’d already spurned once will buy their town, down to the last boardwalk, bench and bicycle rack, as early as March 2009. It would end an era.
Directors unanimously approved and signed a contract Tuesday for the sale of Briny Breezes to Boca Raton-based Ocean Land Investments for $510 million. Briny is a corporation whose residents own shares weighted by the location and size of lots; a vote equal to two-thirds of shares is required to ratify the deal. The vote is set for Jan. 10.