Shores sells remaining parcel of public beachfront property at fire-sale price

The 5.4 acre parcel of oceanfront property was first sold by the Schlitt family to the County at a discounted price. At the time, the understanding was that the land would be preserved for public use. The Town of Indian River Shores acquired the property in a land swap with the County, and has now sold it to a developer for just 57% of its appraised value.

Editor’s note: Over the past two years, the Indian River Shores Town Council ran up more than $1,000,000 in legals bills on a lawsuit against Vero Beach which the Town eventually dismissed without prejudice. Wanting to avid raising taxes, or to deplete reserves, and looking to pay down pension obligations, the Town Council decided to sell the community’s only remaining parcel of publicly owned beachfront property. Last Saturday, the 5.4 acres of oceanfront land was auctioned off, and Monday the Town Council voted 3-2 to accept the top bid of $4.4 million, just 57% of the land’s appraised value of $7.7 million

JANET BAGLEY/TREASURE COAST NEWSPAPERS

INDIAN RIVER SHORES — It’s not what the Town Council had hoped to get for the publicly owned beachfront property, but in the end, the council on Monday decided to accept a $4.4 million bid and get the land off its hands. Continue reading…