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A billionaire Dubai developer is set to buy the site of a South Florida condominium that collapsed last June, killing 98 people, for $120million after no other bids failed been submitted by the Friday evening deadline for next week’s auction.
Michael Fay of Avison Young said hundreds of potential buyers had expressed an interest in the property, but none were ultimately ready to match the strong initial offer from Hussain Sajwani of DAMAC Properties. Avison Young is the commercial real estate company that has been named to market the land in the class action lawsuit.