488 mobile homes for sale: $1 million each
Nearly 500 mobile home owners must decide whether to sell their 43-acre oceanfront park to real estate developer.
NEW YORK (CNNMoney.com) -- Residents of a Florida trailer park could soon be millionaires if they approve their community board's decision to sell the oceanfront property.
The board of Palm Beach County's Briny Breezes has decided to sell its coveted 43-acre oceanfront property to Ocean Land Investments for $510 million. But the final decision on whether or not the sale will go through will be turned over to the inhabitants of the 488 mobile homes near Palm Beach.
Its residents - who co-own the shares of Briny Breezes corporation - will now have to vote on the deal. The results will be known on January 10, 2007.
The sale would generate an average of $1 million for each of the owners and would be the county's largest property deal ever, according to Palm Beach County officials.
The parcel of land was the subject of much competition from developers nationwide because it is arguably the last of its kind in all of Florida.
The buyer, Ocean Land, is known for redeveloping prime waterfront properties with neighborhood support and plans to develop a mixed-use community in phases over the next 15 years.