Housing Bubble
Florida land sale biggest since Disney ?
27,400 acres of Citrus and Ranch land near Yeehaw Junction in Osceola County, Florida has been sold for an undisclosed sum.
It is believed that this could be the largest land sale in Central Florida since Disney bought the land for Disney World in the 1960's.
The land, at the intersection of Florida Turnpike and SR60, was sold to the Pugliese Company of Delray Beach and had been part of more than a 100,000 acre ranch owned by the Latt Maxcy Corporation. In the mid 1990's 35,00 acres had been sold to South Florida Water Management District. The corporation retains over 39,000 acres which will continue as cattle ranch and citrus groves. The land sale was part of an asset diversification strategy.
Company President, Pat Wilson, said that the corporation was not ending its citrus or ranching business but was "simply diversifying some assets into other real estate functions".
Maxcy Development Group, the real estate division of the Latt Maxcy Corporation, will continue to develop, expand and manage its existing and future real estate development portfolio and holdings.
Saunders Real Estate in Lakeland worked with the corporation on the sale. Due to the Florida real estate boom there was plenty of interest from potential buyers so it was offered on a sealed bid basis with no specific asking price put on the land. "The market for agricultural land is strong right now. We were ultimately able to get the best deal for the Maxcy Corporation and find a buyer who the company feels appreciates what it stands for." said Dean Saunders.
