Judge Approves $120 Million Sales of Surfside Collapse Site

This Thursday and judge from Miami-Dade Circuit took the decision that took everyone in shock. He had approved a sale agreement which was about a 2-acre oceanside property. This was the exact property on which the 12-story Champlain Towers South condo went down and collapsed in turn it killed almost 98 people on the Surfside.

While the sale was on the property was listed in many rates and if no other higher bids were approved, the property at  8777 Collins Ave. was decided to be sold for $120 million, however, the property was then given over to billionaire real estate Hussain Sajwani who was a developer.

It was handed over to him by spring 2022 for building a brand new luxury high-rise. Sajwani, who is the owner of a Dubai-based Property, is now a very high bidder for the land and he has even signed a contract and had even paid an advance deposit of $16 million.

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Previously he face a lot of objections from the family members of the victims over the speedy process of the sale. Meanwhile, the judge without any consideration of certain facts and the fate of the property which also tends to be a class-action lawsuit had sold the property as fast as possible.

Judge Approves $120 Million Sales

He did so to compensate the owners of the property who had lost their homes and families of those who were dead in the June 24 collapse.

Judge approves $120 million sales of Surfside collapse site but bidding may not be over

The agreement was accepted by Judge Michael Hanzman and he had even outlined the inspections of the property the buyer would wish to conduct. This gave a deadline to other potential buyers to bid on the property and, if all the bids are submitted, the protocols for an auction will help the court decide the actual buyer for the Champlain Towers South Condominium Association, These bids will als9o be provided for a recommendation and approval by Hinzman.

The advance  $16 million deposit will be non-refundable during the 60-day inspection period.

David Rodan, the family of the victim who died in the collapse, said that the sales were done as quickly as possible while he and other grieving families were still grieving and had a rally for public support and ga even built a memorial on the land rather than another condo tower.

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The families of the people who died have even sent letters to local, state, and federal officials asking for government help to buy the land for a memorial. Even after all the requests, they were unsuccessful and the Surfside Commission gave a  referendum on the March ballot and asked the voters if they would support a land-swap proposal for building a  memorial and community center on the site of the collapse.

They have also held press conferences to arrange for support to protect the land from being sold. Roda said in rage that it’s very inhumane for people who wish to buy that land just for the sake of some profit. If the buyer, lawyer signs the contract, the deadline for the bids will be completed in late January.

Miami-Dade Judge Approves $120 Million Sale Agreement Of Surfside Condo Collapse Site

The selling price of the 136-unit building was priced as $95.6 million, and it was definitely below the $120 million sales price. Goldberg even said a total of $48 million of insurance coverage held was kept by Condo itself and  $30 million for property damage and an additional $18 million for personal injury.

Hinzman also once said that the sale is approved and should decide whether to award all the process of the $120 million sales along with the property insurance of $30 million payouts to the unit owners, or they can even be awarded the raised value of $95.6 million and use the rest of the amount will be used to compensate victims’ families.

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He even instructed lawyers involved to give their legal opinions at next week’s court hearing. Some of the owners were not so much pleased with the raised value of the building. Even one of the owners asked Hanzman whether he will be able to hold a second raise and another said she was very displeased as she might not get back what she paid for her unit.

Hinzman made it clear that the raise is measured the value of each unit with the same pricing before the collapse, which he even mentioned as less science than art, and also added that he is not planning any other second appraisal. He also said that the valuation needs to be precise

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