The buyer of the tract, Coral Gables-based Gold Royale Asset, whose principal, Luigi Annese, is based out of Miami and Venezuela, is probably buying the property to land-bank it, says Butera. Annese is in Venezuela and currently unreachable, he says.

Butera says that Annese paid cash for the 46 acres, which was once part of the 400-acre Colbert Lane PUD, which was never developed. The 46- acre tract, which is entitled for office and retail development, is part of what was to be a 300,000-square-foot mixed-use development. Over the last few years, most of the land for Colbert Lane was sold off, as the market for residential and commercial development dried up, says Butera, who is son of Ben Butera, one of the principals of Colbert Lane, LLC. He is now marketing the last 32 acres of the property.

Although he did not want to categorize the 46-acre sale as "distressed," Butera says that, "if we didn't have this sale, we would be in trouble with the bank in 12 months." He declined to name the lender who Colbert Lane must repay.