Palm Beach Aggregates sells 1,200 acres of land
Palm Beach Aggregates has sold 1,200 acres of land to an affiliate of Pimco, a California firm famous for running the world’s largest bond fund, for $77 million.
Palm Beach Aggregates had previously sold the land for around $300 million to Lennar Homes LLC. However, the deal fell through due to a political scandal when federal prosecutors accused Palm Beach County Commission Chairman Tony Masilotti of corruption tied to a $100,000 stake held by him and his brother in the proposed development. Masilotti played a huge role in securing zoning changes that caused the land’s value to skyrocket.
Masilotti resigned in October 2006 and would later plead guilty to the charges. He was released from prison in February 2011 after serving 37 months of his five-year sentence.
From our partners
The new Sandvik Ranger surface drill rig offers renowned drilling efficiency with up to 20% lower fuel consumption
Known to many by their former name, Ranger, Sandvik’s DX series surface…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- MSHA issues citations to five metal/non-metal mines during impact inspections in February421 Views
- Holcim shareholders threaten merger plans with Lafarge…again247 Views
- California woman killed when gravel truck tips over on her car208 Views
- Northern White Sand considers building a rail unloading facility in Carlsbad162 Views
- Caterpillar intros 735C, 740C EJ, 745C articulated trucks with bevy of powertrain improvements (PHOTOS)162 Views