MIAMI-The government of Dubai has sold its 50% stake in The Fontainebleau Miami Beach back to the Soffer family.
Terms of the transaction were not disclosed. Back in 2007, Dubai's investment arm Nakheel Leisure paid $375 million for a 50% share of the resort, according to the Miami Herald.
The Dec. 13 agreement lets Dubai retroactively collect what its share would be worth if the Fontainebleau had a casino. Jeff Soffer and his sister Jackie manage Turnberry, the family's real estate company that includes the Aventura Mall, the Fontainebleau and a portfolio of residential, hotel and commercial projects.
In 2008, Soffer supported a push to allow large casino resorts in the state of Florida and envisioned opening a number of Fontainebleau casinos around the world. Plans for resorts in Las Vegas and Dubai itself were abandoned during the recession. See story in the Miami Herald.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
