Alico tract up for auction

A massive piece of land sold by LaBelle-based Alico Inc. to Orlando's Ginn Development Co. has been foreclosed on, and will be available for purchase in an upcoming auction.

The 4,157-acre tract of land has an outstanding mortgage balance of $52.2 million, a release said.

The property will be sold to the highest bidder at the auction on Aug. 18, unless the highest bid does not exceed the outstanding balance. In that case, Alico will have the option of retaining ownership of the land.

The land is located near the campus of Florida Gulf Coast University, and has approval in place for a 336-unit residential community, along with a 27-hole golf course.

“The parcel is strategically positioned in an area which has historically seen high growth,” said Alico CEO JD Alexander. “We continue to evaluate our options.”