Starwood Buys Tousa's Fla. Lots For $81M

Law360, New York (February 2, 2010, 4:34 PM EST) -- It took a hefty increase from its stalking horse bid, but Starwood Land Ventures LLC gained court approval to purchase nearly 5,500 Florida real estate lots from bankrupt homebuilder Tousa Inc. once its $81 million offer proved the highest bid at auction.

Starwood, which had agreed to a preliminary pre-auction bid of about $61 million for the residential development sites, had to up the price to outdo competitors at a Jan. 22 auction. The final figure narrowly beat an $80.5 million bid from Paulson RERF Acquisition...
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