Briny Breezes- No sale
From the Palm Beach Post-
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.If bets were taken, I still think Briny Breezes will be sold in my lifetime. The community is sitting on a prime piece of Palm Beach County real estate, its also a mobile home park in a hurricaen evacuation zone. A deal will be struck sooner or later.
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.
Ocean Land said it had asked the board to push back Friday's deadline to Sept. 28 but was refused.
"It's heartbreaking," Vice President H. Logan Pierson said. He said there's a chance the deal could be revived, but a "very good possibility" Ocean Land will propose a more modest development - and offer a lower price.
Pete Fingerhut, a director of the corporation, whose shareholders are the residents, said directors voted unanimously July 20 to reject the extension. He said directors felt they could not alter a deal shareholders approved. He called the deal's collapse "a complete surprise."
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