The beachfront property where 98 people died in last year’s Surfside condo collapse will be sold to a billionaire developer from Dubai for $120 million after no other bids were submitted ahead of a Friday evening deadline.
Hussain Sajwani, of DAMAC Properties, was the lone bidder for the 1.8-acre parcel at 8777 Collins Ave., according to Michael Fay of commercial real estate firm Avison Young, who was appointed to market the land as part of a class-action lawsuit.
The property was the site of the former 12-story Champlain Towers South condo building, which collapsed June 24 in one of the deadliest building failures in modern history.
A DAMAC spokesman has previously said that Sajwani plans to build an ultra-luxury condo building. The proceeds of the sale will go toward a settlement for relatives of victims of the collapse and unit owners.
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