Haute 100 Update Miami: Jeff Soffer Buys Back Fontainebleau Shares From Dubai’s Nakheel
The Soffer Family just bought back fifty percent of The Fontainebleau from Dubai’s Nakheel Properties. The government-owned company is the very same responsible for the over-the-top Palm Islands, World Islands and more in the Emirate city. Cash-rich, they came in and bought half the shares from Soffer at a time when the $650 million renovation was revealed just in time for the recession and bank credit-crunch. It was also at a time when gambling still looked like it might come to south Florida, which would have been a boon for Florida’s largest hotel, that was built casino-ready.
Now, after six years having the investment branch of the Persian Gulf emirate as a partner, Soffer and family have their baby back. We don’t have details on the transaction but in 2007, Nakheel paid $375 million for 50%. But Dubai may not be entirely out of the picture. Here are rumored stipulations that Nakheel will get an additional payout should gambling ever be legalized.
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