Billionaire developer from Dubai going to buy a plot of semi Florida a condominium that collapsed last June, killing 98 people, for $ 120 million after no other bids were put up for auction next week by Friday night.

Michael Faye of Avison Young said hundreds of potential buyers showed interest in the property, but none were willing to meet a strong initial bid Hussein Sajwani, with DAMAC Properties. Avison Young is a commercial real estate firm designed to sell land as part of a class action lawsuit.

The auction for the 1.8-acre (0.72-hectare) site at Surfside was scheduled for Tuesday. Earlier this month, the families of the victims reached an agreement with local officials, developers of the neighboring building and others they believe are responsible for the collapse of the 40-year-old 12-storey coastal building in the early hours of the day. June 24.

Most of Champlain’s towers in the south suddenly collapsed around 1:20 a.m. on June 24 last year, when most residents were asleep. Only three people survived the initial collapse. No other survivors were found, despite the round-the-clock efforts of rescuers, who dug up a 40-foot (12-meter) pile of rubble for two weeks. Three dozen more people were in the part of the building that remained standing.

Residents and guests of the condominium made a melting pot: orthodox Jewslatin americans IsraelisEuropeans and snow birds from the north.

The National Institute of Standards and Technology is investigating the causes of the collapse, a process that is expected to take years.

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