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Million-Dollar Dreams

Adam R.'s picture

Posted August 6, 2007

Ocean Land Investments, a Florida-developer of housing communities, has withdrawn its $510 million offer to buy Briny Breezes Trailer Park in Briny Breezes, Florida.

The park consists of 488 lots. Most are owned by part-year residents from the Northeast. Each stood to receive more than $1 million from the sale. That would

have amounted to a healthy gain, as many were purchased for less than $40,000. The park is located on the Intercoastal Waterway along the Atlantic Ocean in Palm Beach County, Florida.

The sale fell through after Palm Beach County officials indicated that they would not approve of Ocean Land's plans to build 900 condos,a marina, and a 300-bed hotel on the site.

The park is one of the last remaining places of its kind along a very crowded coastline in the Palm Beach area.