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
MORE FROM Aggbeat Online
Manufacturer news: McLanahan hosts first Frac Sand Processing School in Wisconsin; The Volvo Group sponsors Ocean Summit on Marine Debris; CEMA publishes 7th Edition Belt Conveyors for Bulk Materials; Superior Industries acquires Clemro Western Ltd.; Metso launches new global website; Xylem launches new online interactive dewatering platform; Eriez offers 5-Star Service Program; JCB Finance enters partnership with Bank of the West
SUBSCRIBE & FOLLOW
- Lower oil prices send mixed signals to frac sand producers293 Views
- Legislation stopping proposed Waters of the U.S. rule passes Transportation and Infrastructure committee with bipartisan support178 Views
- Bipartisan highway bill would tie federal gas tax to inflation, create transportation commission177 Views
- Lafarge and Holcim announce U.S. asset divestments required by Federal Trade Commission for merger142 Views
- Eagle Scout project rebuilds DeSoto State Park hiking trail from stone found in old quarry at park142 Views