Katz's company sold the dirt in the last two weeks for seven times more than what it had paid for the land--$12 million or $1.24 million per acre ($28.46 per sf), according to Integra Realty Resources, AREEA/South Florida, a Miami real estate research organization.
The deal included 16.12 acres of submerged land on Biscayne Bay that the buyers may develop as a marina. The buyers are Aventura Preserve Investors, affiliated with Times Square Capital Management of Hartford, CT.
Bard Brenner of Sam Brenner Inc., Miami Beach, brokered the transaction.
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