Concert Fountains Properties sold the land for $9.27 million to Lynx Zuckerman at Palm Beach I LLC, then the land was sold for $13.44 million to Lennar Homes. In 2021, Concert sold 62.6 acres of the course for $2.66 million to Lynx Zuckerman, which immediately sold it to Lennar for $4.6 million.
Lennar Homes acquired part of the Fountains Country Club in Lake Worth, Fla., the South Florida Business Journal reported. The 96.6-acre golf course actually changed hands twice on the same day.
First, Concert Fountains Properties, sold the property for $9.27 million to Lynx Zuckerman at Palm Beach I LLC, the Business Journal reported. Then the land was sold for $13.44 million to Lennar Homes, part of Miami-based homebuilder Lennar Corp.
The deal also gave Lynx Zuckerman the right to receive a contingent fee from every home Lennar sells on the property in the future, the Business Journal reported. The property last traded for $4 million in 2018.
C+RB reported in 2019 that approval was granted by county commissioners for development of 318 apartments on the 63-acre site that was used for nine holes of the northern golf course. The other nine holes of that course remained open, along with a separate 18-hole course.
This is the second purchase for Lennar at Fountain Country Club, the Business Journal reported. In 2021, Concert Fountains Properties sold 62.6 acres of the course for $2.66 million to Lynx Zuckerman, which immediately sold it to Lennar for $4.6 million.
With home prices rapidly increasing in Palm Beach County, developers are willing to pay more for land, the Business Journal reported. There’s been a trend of golf course redevelopment across South Florida as more developers seek land to build homes on, since there is little vacant land left in the region.
Lennar has yet to reveal its development plans for the site, the Business Journal reported.
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