Recreational property sale, at nearly $30 million, sets mark

The sale of 2.3 acres of recreational property for $29.51 million at the site of the former Colony Beach and Tennis Resort may be a record for Longboat Key, real estate veterans say.

By Business Observer Staff
| 1:46 p.m. August 9, 2018
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Manatee-Sarasota

A recent real estate sale on Longboat Key —at $12.66 million per acre — may have broken the record for island property values, real estate experts say, according to a story in the Longboat Observer, sister paper of the Business Observer.

The sale, which closed July 24, was Unicorp National Development's purchase of 2.3 acres of recreational property at the former Colony Beach and Tennis Resort, for a total of $29.51 million.