Briny Breezes is officially off the market.
The 43-acre mobile home park’s contract with New York law firm Duane Morris to sell the park expired March 1 and, with it, the park’s obligation to pay hundreds of thousands of dollars in legal fees that have accumulated over the years, park board President Joe Coyner confirmed.
Briny Breezes Inc. hired the firm nearly a decade ago to sell the park for at least $500 million. When a $510 million sale to Boca Raton developer Ocean Land fell through in 2007, more than $1.1 million in fees had accumulated.
Ocean Land’s deposit went toward the fees. Typically, if the sale had concluded, the buyer would have paid the remainder.
Duane Morris has not been marketing the park in recent years, likely because of the housing bust. An inquiry by a New York developer was rejected by the park’s board of directors last year.
Coyner said the only way the firm could collect its fee now is if either of the two original bidders, including Ocean Land, eventually bought the park for more than half a billion dollars.
— Tim O’Meilia