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Developer Flips 68 Acres to Brevard County for 500% Profit

ORLANDO-Embarrassed elected officials are asking the Florida Department of Law Enforcement today to investigate a two-year-old land deal in which locally based Forte-Macaulay Development Co. purchased the dirt for $1.2 million or 40 cents per sf and sold it the same day to the county for $7.25 million or $2.45 per sf. Melbourne, a space industry hub, is 50 miles south of Downtown Orlando.

By Alex Finkelstein | Updated on August 12, 2002

ORLANDO-Desperate to expand its Sarno Road landfill, Brevard County Commissioners today concede they may have grossly overpaid for a 68-acre tract two years ago when they cut a $7.25 million deal with Melbourne, FL-based Forte-Macaulay Development Co.

The firm paid $1.2 million or 40 cents per sf for the land from an undisclosed seller the same day it sold the dirt to the county for $2.45 per sf–a $6 million profit or a return on investment of 500%.

Melbourne, a space industry hub, is 50 miles south of Downtown Orlando.

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