Alico Sells 280 Acre LaBelle Grove At Huge Price

LABELLE, FL. -- Land company, Alico, Inc. based in LaBelle, sold a 280 acre
citrus grove November 29 to Duke Grove LLC for a record LaBelle grove
purchase price of about $49,500 an acre. The land is on the southeast corner
of SR29 and Helms Road, also known as the Duke Grove. The total purchase
price of $13,882,800 was financed by Florida Community Bank with a mortgage
to them of $11,168,000 or about 80% of the purchase price. At that purchase
price, Duke Grove owners are undoubtedly counting on the acreage being
subdivided at some time in the near future. Under the deed agreement Alico
has reserved the right to the 2005 and 2006 orange crop and also undisclosed
future crops. Alico purchased the land for $2.1 million in December 1983.
The Hendry tax appraiser has valued the property at only $1.6 million and
taxes it at a much lower rate because of its agricultural use. Duke Grove
LLC is registered to Ft. Myers real estate broker Frank R. D'Allesandro and
Tom D'Allesandro.