Lee County has recorded the most expensive sale of land in its history.
Was it a mansion on a barrier island? Or a big chunk of downtown Fort Myers? No. It's a rock mining operation.
Sales price: a total of $620 million.
Martin Marietta Company made two simultaneous deals to buy about 1.900 acres of rock mines. The land is located along Alico Road, southeast of the FGCU campus.
Martin Marietta is a national leader in producing and selling aggregate — crushed rocks — for construction.
The $620 million go to the Youngquist family, which bought some of the land for less than $.5 million dollars 21 years ago.
Forty-one-year-old Brett Youngquist said his family worked hard and did well in their business.
"I think of all the long days and nights we spent there at the operation on Alico," he said. "Sometimes setting a record is not a bad thing."
Aggregate is vital for the foundations for buildings. It's used for just about all new construction: industrial, commercial, retail and residential. Youngquist says Lee County has much of the best aggregate in the the state. He said Martin Marietta will mine the rocks for use in this region.
Steve Cunningham, a long-time real estate broker in Southwest Florida, pointed out aggregate is not renewable. As he put it, we can't grow more rocks to crush. He said he believes Martin Marietta is paying the $620 million so it will have plenty of aggregate for the construction boom that continues around Southwest Florida.
Cunningham and Youngquist both said the high price for the land resulted from a supply-and-demand situation. Youngquist said there just aren't many strong aggregate-producing mines left in Florida.
Youngquist reflected on growing up in Southwest Florida. "It's somewhat unbelievable when I think back to when I was a kid on Corkscrew Road in Estero," he said. "I think the growth in this area in the next 10, 15, 20 years will be phenomenal."
Youngquist said the family now will focus on building luxury condos along the Gulf in Naples, as well as some business interests in other states. A representative for Martin Marietta said the company had no comment on the land purchase.
Records show the $620 million easily tops the previous record for a sale of land. That price was about $363 million for land bought by Jamaica Bay - Venture III LLC.
WGCU is your trusted source for news and information in Southwest Florida. Mike Walcher is a reporter with WGCU News, and also teaches journalism at Florida Gulf Coast University. He can be reached at mwalcher@wgcu.org