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Ex-NFL Player's Firm Closes $18M Golf Course Land Deal

DAYTONA BEACH, FL-Sydney Kitson, chairman and CEO of Florham, NJ-based Gale & Kitson, along with partner Morgan Stanley of New York pay Consolidated-Tomoka Land Co. of Daytona Beach $15,652 per acre, or 36 cents per sf, for 1,150 prime developable acres at the LPGA International development here. It's the largest land deal of the year in Volusia County.

By Alex Finkelstein | Updated on October 25, 2004

DAYTONA BEACH, FL-After months of negotiations, locally based Consolidated-Tomoka Land Co., the largest timber holding company in Florida, has sold a prime 1,150-acre tract at the LPGA International development here for $18 million or $15,652 per acre. It’s the largest land deal of the year in Volusia County.

At about 36 cents per sf, the buyers, Florham, NJ-based Gale & Kitson, along with partner Morgan Stanley of New York, picked up a choice tract at “better than fair market value,” a Daytona industrial broker tells GlobeSt.com. “They got a helluva good deal because that location can only continue to increase in value in the coming years.”

Sydney Kitson, an offensive guard in the National Football League in the mid-1980s with the Green Bay Packers and Dallas Cowboys, is chairman and CEO of Gale & Kitson, a golf course and residential real estate developer with major active projects in West Palm Beach and New Jersey.

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