A billionaire developer from Dubai will buy the site of a Miami condominium that collapsed last June.
The collapse killed 98 people.
Michael Fay, of Avison Young, said hundreds of potential buyers had shown interest in the property, but none were ultimately prepared to match the strong initial bid of Hussain Sajwani, of DAMAC Properties. He bought the site for $120 million after no other bids were submitted by the Friday evening deadline for next week’s auction.
Earlier this month, families of the victims reached a $997 million settlement with local officials, the developers of an adjacent building and others whom they hold responsible for the sudden collapse of the 40-year-old, 12-story beachside building during the early hours of June 24.
The National Institute of Standards and Technology is investigating the cause of the collapse, a process that is expected to take years.