Not that this is a surprise, but the Briny Breeze land deal is now officially dead. From the Sun-Sentinel:
"The developer that agreed to buy Briny Breezes, a seaside town in Palm Beach County that is made up of mobile homes, has terminated its $510 million contract with the municipality. Ocean Land Investments decided to cancel the deal after the town declined to give the developer an extension on its due diligence period, which ended Aug. 10, said Logan Pierson, Ocean Land's vice president of acquisitions. Ocean Land had requested a 45-day extension so that it could answer comments from the state Department of Community Affairs on the developer's comprehensive plan to transform the mobile home park into a destination luxury resort."
This was expected because Ocean Land Investments was backed by Union Capital Markets, a troubled hedge fund based out of Key Biscayne. Not only is Union Capital Markets backing out of the Briny Breezes deal, John Devaney, the fund manager, is being forced off assets. From Reuters today:
"A hedge fund manager whose fund ran into rough weather earlier this month has put his yacht up for sale, the New York Post reported on Monday. United Capital Markets founder John Devaney is seeking $23.5 million for his 142-foot yacht, 'Positive Carry,' the Post reported, citing the broker's Web site. Earlier this month, the $620 million hedge fund portfolios he runs were forced to suspend investor withdrawals, the Post reported. Devaney is also trying to sell a 16-bedroom Aspen, Colorado, property he bought in November for $16.5 million, the paper said."
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I heard this on the news driving home from work. I wasn't really surprised, as so many deals are unraveling. I think before this deal that the Briny Breeze trailers had a market value of about $150k. I will be curious to see what happens to their home values now.
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