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

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

TRD MIAMI /
Jan.January 19, 2016 01:30 PM

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.

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.

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.


Related Articles

arrow_forward_ios
Ira Saferstein and Marc Roberts, with a rendering of Miami Worldcenter

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase

Art Falcone and Dean Stratouly

Congress Group and Encore Capital Management are in a legal battle over Doral mixed-use project

Rendering of Miami Worldcenter and Kevin Lalezarian

Miami Worldcenter developers sell another piece of their pie

Here are the 9 real estate megaprojects coming to SoFla

Here are the 9 real estate megaprojects coming to SoFla

Falcone scores construction loan for offices at Plantation Walk

Falcone scores construction loan for offices at Plantation Walk

Construction phase of the old Fashion Mall’s redevelopment may start soon

Construction phase of the old Fashion Mall’s redevelopment may start soon

Art Falcone

Appeals court overturns $4.2M verdict against Art Falcone and his brother

Design changes to Miami Worldcenter’s retail portion approved

Design changes to Miami Worldcenter’s retail portion approved

arrow_forward_ios
Loading...