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Trust Flipping Prime 640-Acre Tract Bought from Lennar at Unrecorded Price

WELLINGTON, FL-Although Panama City, FL-based M.G. Ltd. is selling the dirt at a Feb. 15 public auction, GlobeSt.com and the Palm Beach County Appraiser's Office couldn't find a recorded deed on the transaction. The land sits in the heart of the county's affluent polo country.

By David R. Corder | Updated on January 31, 2001

WELLINGTON, FL-It may go down as the year’s most mysterious real estate transaction. No public paper exists to verify the apparent recent sale of a 640-acre tract of land, in the heart of Palm Beach County’s polo country, between M.G. Ltd. and Lennar Land Partners, a subsidiary of Miami-based Lennar Corp., according to separate searches made by GlobeSt.com and the Palm Beach County Appraiser’s office.

Although a buyer is not legally obligated to record a sales transaction in a timely fashion in Florida, most do to protect their asset. Some don’t, however, to withhold the estimated or actual value of the transaction from future buyers. That appears to be the scenario in the M.G. Ltd.-Lennar dealings, real estate lawyers familiar with similar situations tell GlobeSt.com.

Whatever the reason, one element of the curious deal is unassailable: the Panama City-based investment trust has hired J.P. King Auction Co. of Gadsden, AL to auction what is known as Orange Point Equestrian Estates at 1 p.m. Feb. 15 at the Players Club, 13410 S. Shore Blvd. in Wellington.

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