The deal hasn't yet been recorded in public records. Alico is controlled by Ben Hill Griffin III, son of the late legendary landowner, Ben Hill Griffin Jr., who left an estate valued at $300 million when he died in 1990, according to court records.
Ben Hill Griffin III is one of the most prominent real estate and business personalities in Florida. La Belle is 102 miles northwest of Miami and 48 miles north of Naples, FL.
Land brokers familiar with Alico's land tell GlobeSt.com the dirt could be used for a mega commercial venture or could evolve into a new real estate enterprise for the company through a residential subsidiary, Saddlebag Lake Resorts Inc.
Alico expects to record a $721,000 pre-tax gain on the sale during the second quarter of fiscal 2001, according to the most recent shareholders' report. Of 111,312 acres it owns in Hendry, the company declared the 1,350 acres as not contiguous or essential to its core operations.
In four Central and Southwest Florida counties, the company owned 141,530 acres as of the fiscal year ended Aug. 31, 2000. The acreage primarily supports citrus, cattle, sugar cane, sod and forestry production.
Although not primarily involved in the land sales or development business, the company estimated in its shareholders' report that gross revenue from land sales over the past five years ranged between 1% to 24% of total revenue.
Through the subsidiary Saddlebag Lake Resorts Inc., the company is developing two residential communities in the Polk County city of Frostproof, 158 miles north of Miami.
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