A Dade county investment farmer disclosed today that a Middle East syndicate of sheiks and Arab bankers has purchased some 15,000 acres of farmland in South Dade country for about $22,000,000.
The transaction, one of the largest in South Florida history, is expected to be completed by April 15, William Sottile, the owner of the property, reported. He said the syndicate was headed by Jamil K. Boullos, chairman of the board of the Investment Bank of Lebanon. The syndicate is made up of 11 wealthy Arabs who reportedly were concerned about the explosive situation in the Middle East. The purchases was meant to stabilize their multi-million-dollar holdings. The other ten members are investors from Lebanon, Kuwait and Saudia Arabia.
Joseph Stroughan, a representative of the Seaboard Continental Corporation of New York, said that his firm was approached by the syndicate eight months ago, seeking “American investments to balance and stabilize their holdings elsewhere.” He said his firm recommended about 60 investment site in the United States.
Sam Carrion, a Miami investment counselor who assisted in the transaction said that the syndicate’s total investment fund for South Florida totaled about $35,000,000. He said the rest of the fund would be used for investments in Florida apartment buildings, land, hotel and other interests. Boullos plans to live in Miami for six months each year.
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