500 Ontario School Teachers Become Millionaires

500 property owners from Ontario chose to become millionaires by selling out to a Florida developer.

The US$510 million deal from a land developer was accepted by the residents of Briny Breezes trailer park in Palm Beach County, Florida.

Applause reportedly rang out in a large Quonset hut erected in the park as the owners voted 82 % in favor of the multi-million dollar offer. Each person who owns a trailer is slated to receive just over US$1 million in two years when the deal is completed.

Briny Breezes' 43-acre property is surrounded by high-end condominiums and beach front properties. Boca Raton-based Ocean Land Investments plans to build more condos on the site that will sell for around US$3 million each.

Ocean Land Investments sees the patch of land as a big investment.

The prime piece of real estate in Florida and perhaps in the south-east (United States).

The deal will make a group of school teachers from Port Colborne unexpectedly wealthy. About 15 years ago they each bought properties at Briny Breezes as a place to escape the Canadian winter.

They initial investment was around $50,000". Vote result means he will cash in for about $1.2 million.

Briny Breezes is a corporation and each of the owners hold shares. For that reason they had to vote on whether they would accept the deal.