Why I love Rich People…

Is that when one of them thinks they have the most dough, along comes another one with even more dough and F@#$%^ up the whole plan.

Someone famous once wrote, “All the best laid plans of Mice & Man often go awry” and boy this just happen to a few folks today.

Story goes something like this…

Rich Guy 1 owns 6.2 acres on Grand Ave but is in some financial trouble.

Rich Guy 2 (who is a partner with RG 1) buys the Paper of some said properties. We’ll make up a name for the properties, lets call them “Nassau” and “Grand Abaco”

RG1 files for BK protection against RG2 in hopes of selling all of the 6.2 acres for a crazy price. (Remember RG1 & RG2 are partners in all of this)

After lots of back and forth between RG 1 and RG 2 in steps Rich Guy 3 and makes an offer on the 6.2 acres which is accepted by the court BUT in a true Miami story RG 3 after his due diligence finds the properties are contaminated and walks on deal (really his intent was to reduce the price)

Stay with me….

So now the days are counting down to BK auction and Rich Guy 4, yes we are now at 4 makes a Bid as a “Stalking Horse”, which is a fancy word for opening Bid (but you get paid for it).

In jumps RG2 with a shady bid and so does RG3, all is going accordingly to plan… when out of no where…

Some background;

This particular 6.2 acres along with properties behind and around are sitting on a MUSP (Major Use Special Permit)  which allows for a massive development opportunity which has been in the works since everyone decided to get rid of all the “Historic Residents” (fancy word for black folks) several years ago.

Back to the story

When out of no where in jumps Super Rich Guy makes his Bid…

Now SRG has not been a player in this deal ever but figured if RG1, RG2, RG3 and RG4 were interested in it, what the hell I have nothing better to do with 5.4 Mil

How crazy was this deal?

SRG paid 5.4 million for 6 non continuous parcels totaling 43,500 sq ft (acre) of land in the hood. 

Just as a reference, Terra purchased the Coconut Grove Bank site for 5.5Mil an Acres

GottaJavMiami loves to see SRG do RG




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