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Judge OKs $83M for property loss in Florida condo collapse

Building Collapse Miami
Posted at 12:17 PM, Mar 31, 2022

People who owned units in a Florida oceanfront condominium building that collapsed last year will divide $83 million for property losses, with the compensation for families over the 98 deaths still to be determined.

Miami-Dade Circuit Judge Michael Hanzman approved the deal Wednesday.

The money for owners of the 136-unit Champlain Towers South building will come from the sale of the now-vacant land as well as insurance policies.

According to the Associated Press, unless they were to opt out, those who take the deal cannot sue individually, but because of the loss, they could avoid an assessment.

The 12-story condo in Surfside collapsed without warning early on June 24.

The cause of the collapse remains unknown.

The National Institute of Standards and Technology is the main investigative agency in a probe that could take many months.

In the coming weeks, the site where the condo once stood will be placed on the auction block, the news outlet reported.

Last August, a private bidder offered $120 million, but there could be other offers placed as the auction day gets closer.