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Story
April 19, 1955
The Key West Citizen
Key West, Monroe County, Florida
What is this article about?
Florida's Internal Improvement Fund trustees sold a 3.9-acre submerged tract near Key West for $200/acre to Isthmian Realty Co., far below $2,500 appraisal, urged by Rep. Papy for hotel plans. New policy drafted for such sales; developer Sadowski pushes liberal Keys land policies.
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Submerged Plot Near Key West Sold
TALLAHASSEE (P)—Trustees of the Internal Improvement Fund today sold for $200 an acre a 3.9-acre tract of submerged land near Key West which had been appraised for $2,500 an acre.
The sale was made to the Isthmian Realty Co. Inc., the upland owner, at the urging of Rep. Papy of Monroe County who contended the tract otherwise would go to waste.
The Cabinet trustees decided in making the sale that it should draw up a new policy for sale of submerged lands where there was a private upland owner. Under the Butler Act, such an upland owner is the only one who can purchase it from the state.
Atty. Gen. Ervin was asked to draw up regulations which the purchaser will be asked to adhere to.
Heretofore, the trustees have followed a policy of selling all state owned lands on appraised value.
E. D. Keefer of Miami, who appraised the land for the state, fixed $2,500 an acre as a fair market value.
In a letter Keefer said the land would be worth that much if filled but would have no value otherwise.
Papy said purchasers of the property plan to erect a hotel. The property is adjacent to the Seaside Park subdivision, Key West.
F. P. Sadowski, Marathon developer, urged the Cabinet to adopt a more liberal policy on land sales in the keys to aid development.
TALLAHASSEE (P)—Trustees of the Internal Improvement Fund today sold for $200 an acre a 3.9-acre tract of submerged land near Key West which had been appraised for $2,500 an acre.
The sale was made to the Isthmian Realty Co. Inc., the upland owner, at the urging of Rep. Papy of Monroe County who contended the tract otherwise would go to waste.
The Cabinet trustees decided in making the sale that it should draw up a new policy for sale of submerged lands where there was a private upland owner. Under the Butler Act, such an upland owner is the only one who can purchase it from the state.
Atty. Gen. Ervin was asked to draw up regulations which the purchaser will be asked to adhere to.
Heretofore, the trustees have followed a policy of selling all state owned lands on appraised value.
E. D. Keefer of Miami, who appraised the land for the state, fixed $2,500 an acre as a fair market value.
In a letter Keefer said the land would be worth that much if filled but would have no value otherwise.
Papy said purchasers of the property plan to erect a hotel. The property is adjacent to the Seaside Park subdivision, Key West.
F. P. Sadowski, Marathon developer, urged the Cabinet to adopt a more liberal policy on land sales in the keys to aid development.
What sub-type of article is it?
Historical Event
What themes does it cover?
Fortune Reversal
What keywords are associated?
Submerged Land Sale
Key West
Internal Improvement Fund
Hotel Development
Land Policy
What entities or persons were involved?
Rep. Papy
Isth Mian Realty Co. Inc.
Atty. Gen. Ervin
E. D. Keefer
F. P. Sadowski
Where did it happen?
Near Key West, Tallahassee
Story Details
Key Persons
Rep. Papy
Isth Mian Realty Co. Inc.
Atty. Gen. Ervin
E. D. Keefer
F. P. Sadowski
Location
Near Key West, Tallahassee
Story Details
Trustees sold 3.9-acre submerged tract near Key West for $200/acre, below $2,500 appraisal, to Isthmian Realty Co. at Rep. Papy's urging for hotel development. New policy for submerged lands with upland owners; Atty. Gen. Ervin to draft regulations. Sadowski urged liberal policy for Keys development.