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Bidder offers up to $120 million for site of collapse Miami condo building

Search and Rescue teams look for possible survivors in the partially collapsed 12-story Champlain Towers South condo building on June 27, 2021 in Surfside, Florida. (Giorgio Viera / AFP)
Search and Rescue teams look for possible survivors in the partially collapsed 12-story Champlain Towers South condo building on June 27, 2021 in Surfside, Florida. (Giorgio Viera / AFP)

A private bidder is willing to offer up to $120 million to purchase the Miami-area oceanfront property where the collapsed Champlain Towers South building once stood.

The offer was revealed yesterday during a hearing before Circuit Judge Michael Hanzman, who is overseeing the dozens of lawsuits that have been filed since the condominium collapsed on June 24, killing 98 people. Officials are still trying to determine what caused the building to collapse.

The judge authorized negotiation of an agreement with the bidder, who was not publicly identified. A real estate broker told the judge he had a “letter of interest” from the bidder that offered $110 million for the property, the Miami Herald reports.

“They’re willing to go to $120 million,” said Michael Fay, who has been appointed to work on the real estate deal.

“That’s the best news I’ve heard so far today,” the judge said. He then asked Fay to move as “quickly as possible” to get to a “short auction process.”

“I want to compensate these victims as soon as possible,” Hanzman said.

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