A Dubai billionaire and business partner of former United States President Donald Trump has bought the Surfside condo collapse site for $120 million.
Hussain Sajwani, the owner of DAMAC Properties, was the only bidder for the site of the former 12-story Champlain Towers South condo building that collapsed on June 24 last year, killing 98 people.
Michael Fay, the property’s appointed real estate marketer, said his company had been talking with around a dozen prospect bidders since last month. Fay noted that Sajwani was the only bidder who complied with the bidding requirements, paying a $16 million deposit. Sajwani also deposited another $34 million after engineering surveys and tests.
Fay said he was expecting the immediate approval of the sale.
A DAMAC spokesman said that Sajwani, involved in developing two Trump-branded golf courses in the Middle East, plans to build an ultra-luxury condo building.
The proceeds from the property sale will go to the families of the Surfside condo collapse victims. About $33 million will be given to each individual, while $50 million in insurance will go to the building owners.
“While nothing can take away the pain or suffering, we are happy that we are moving forward with this successful purchaser to help bring closure for everyone,” Fay said.
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