Tuesday, January 23, 2007

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.


Blogger patriotz said...

Talk about getting the last lifeboat off the Titanic. Florida real estate is headed for a complete meltdown.

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

Well this will be one for the tax accountants. The US and Canadian tax authorities will be interested in this one. Taxable capital gain will be over C$700,000. The Canadians will get a credit for tax payable in the US, but I think the the Ontario and Canadian governments will get a good piece of the proceeds in the end.

4:29 AM  
Blogger dwb said...

Interesting post.... I had no idea.

I checked out your blog from Victoria Housing Market Blog & I love it so I'm adding you to my link list.
Take Care and thanks for the great info on Ottawa



10:33 AM  

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