The Real Deal Miami

Falcone triples his money with $16.5M sale of Boca cemetery

Deal covers roughly 19 acres of land — and any number of bodies

January 19, 2016 01:30PM
By Sean Stewart-Muniz

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GardensMemorial

The cemetery facility at 4103 North Military Trail in Boca Raton

Talk about a ghoulish investment move: Art Falcone just sold off a Boca Raton cemetery for $16.5 million — nearly triple what he paid for it more than a decade ago.

Falcone and his Boca real estate firm sold the Gardens Memorial Park and Cemetery at 4103 North Military trail to a Florida company named Boca Memorial Holdings. It’s managed by Matthew H. Maschler, a local Realtor and lawyer — the true buyer is unknown.

An aerial view of the cemetery grounds

An aerial view of the cemetery grounds

The deal covers 76,266 square feet of cemetery facilities, plus about 19 acres of land — and who knows how many bodies. Falcone purchased the cemetery through a holding company named DFG Group in 2003. He paid $5.5 million, or about $72 per square foot.

Some of the facility’s interment options include: mausoleums, crypts and niches — most of which are encased in marble, according to its website.

Art Falcone

Art Falcone

Now through a deed filed this week, the developer has cleared almost $216 per square foot — a price that equates to just under triple what he paid 13 years ago.

Falcone is one of the lead principals developing Miami Worldcenter, the massive 30-acre project currently underway in Miami’s Overtown neighborhood. Recently, the developers announced a big change: no longer would Worldcenter be an enclosed mall. Instead, the Worldcenter team is aiming for a High-Street retail option that resembles Lincoln Road.

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