Edition IX · Wed Oct 21 · St. Petersburg

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Old Florida Money
Old Florida Money
 
 
 

Politics · Houses

 
Two-ink linocut in blue and black on cream: the glass entrance lobby of GEO Group’s Boca Raton headquarters seen from its brick plaza. Links to the Lead story.
Two-ink linocut in blue and black on cream: the glass entrance lobby of GEO Group’s Boca Raton headquarters seen from its brick plaza. Links to the Lead story.

Plate I · The entrance of GEO Group’s headquarters on Technology Way in Boca Raton

The Lead · Politics · Boca Raton

GEO Group gave Byron Donalds money in early October

The Oct. 8 check to Donalds’ PAC came six days after GEO’s $950 million sale of a California ICE complex to Homeland Security. No record ties it to the sale, a state contract or vote.

On Oct. 8, Boca Raton’s GEO Group, which the News Service of Florida calls “the largest private detention contractor in the country,” wrote Friends of Byron Donalds PAC a $1 million check, state records show, six days after it sold its Adelanto ICE detention complex in California to Homeland Security for $950 million. Donalds is the Republican nominee for governor on the Nov. 3 ballot, and no record ties the check to the sale, a state contract or a vote (Division of Elections; WLRN; GEO Group 8-K). Your stake: your next governor will run the office that holds a $100 million emergency contract with a GEO-linked staffing firm, paid about $32 million so far, payments, not profit (FACTS; WLRN).

Old Florida Money desk · Wed Oct 21 · Sources: Florida Division of Elections (contribution records and 2026 reporting calendar, read Oct. 20); Florida Accountability Contract Tracking System (contracts E6113 and E6123); SEC EDGAR (GEO Group Forms 8-K of Oct. 5 and Oct. 8); WLRN and Jacksonville Today (News Service of Florida); Florida Politics; KESQ; WUSF; Bisnow; GEO Group releases

Read the full story

 
Pen-and-ink caricature plate: Florida Attorney General James Uthmeier walks down the Supreme Court steps with a brown briefcase while a line of dark-suited men and women carrying folders climbs past him. Links to Money Pulse on the site.
Pen-and-ink caricature plate: Florida Attorney General James Uthmeier walks down the Supreme Court steps with a brown briefcase while a line of dark-suited men and women carrying folders climbs past him. Links to Money Pulse on the site.

Plate II · Besides petitioner New Jersey, Florida was one of ten states off the Supreme Court brief

Money Pulse

Politics

James Uthmeier didn’t sign as 39 states and DC asked the Supreme Court to take on Kalshi

Besides petitioner New Jersey, Florida was one of ten states off the Oct. 7 brief on whether states can police sports bets on prediction markets, and his office declined to explain, Politico reported (amici brief; Supreme Court docket; Next Event Horizon; Politico via Sunburn). The state’s sports betting runs through the Seminole compact, under which Florida received $1.04 billion last budget year; Kalshi’s reply is due Nov. 9 (News Service of Florida; Supreme Court docket).

Politics

Larry Page’s reported Coconut Grove estates changed hands by deeds dated days before California’s billionaire tax line

Miami-Dade records show four deeds dated Dec. 26 to 29, 2025, moving five waterfront parcels to two revocable trusts for $127.9 million, by our sum; Page’s name is on none, and The Wall Street Journal and Business Insider report he is the buyer (Miami-Dade Property Appraiser; Fortune; Business Insider). California’s Prop 40, on its Nov. 3 ballot, would tax billionaires living there on Jan. 1, 2026 at 5% once and leaves out real estate held directly or in a revocable trust (Prop 40 text).

Houses

Nearly all of a 1964 South Beach condo’s 238 homes sold deed by deed; the Vacchi-backed tower planned there borrowed $507M

County records show 146 deeds moved 216 of Bay Garden Manor’s units to the developers at listed prices averaging about $442,000, by our arithmetic, and Tyko Capital, backed by Paul Singer’s Elliott, made the construction loan before a single new condo sold (Miami-Dade Property Appraiser; Commercial Observer; Bisnow; The Real Deal). Sales of the 106 new condos start in 2027 (REBusinessOnline).

Politics

Orlando’s Dr. Phillips Center won $350M of hotel tax, 6-1, two weeks before voters reshape the board that voted it

Orange commissioners cut the mayor’s proposed $400 million to $350 million on Oct. 19 and left out the convention center, over pleas to slow down from the hotel association and the union Unite Here Local 737 (Orlando Sentinel; Florida Politics; Central Florida Public Media). Voters choose up to six new members Nov. 3 as the board grows to nine (Orlando Sentinel).

Politics

Two Florida power regulators took a hosts-paid West Palm Beach retreat; their commission takes up Duke’s data center rate Nov. 3

The Tampa Bay Times reports Commissioners Mike La Rosa and Bobby Payne blocked three July weekdays for the retreat, hosted by a GOPAC-tied group that won’t give a full donor list; the commission says no utility it regulates paid (Tampa Bay Times; The Washington Post). Duke’s docket, revised Oct. 20, sets its decision conference for Nov. 3, and no record ties any vote to the retreat (Florida Public Service Commission; WFTV).

Houses

Brookfield’s Pembroke Lakes Mall fell to a $112M appraisal from $427M, and its lender sued to foreclose

KBRA says the $260 million loan went unpaid at its March 2025 maturity and estimates a $149 million loss to the bond trust; Deutsche Bank, as trustee, asked the Broward court for a receiver (KBRA; The Real Deal; Bisnow). Brookfield’s BGRE was not named in the suit and did not respond to Bisnow (The Real Deal; Bisnow).

 
Price ladder of three bars on a slate ground, headed Brightline’s junior Tampa bonds, cents on the dollar: face value 100, First Eagle’s July 31 mark at 28, and Oct. 5 trades at 5.37 cents, a sliver of a bar. Links to the Politics desk.
Price ladder of three bars on a slate ground, headed Brightline’s junior Tampa bonds, cents on the dollar: face value 100, First Eagle’s July 31 mark at 28, and Oct. 5 trades at 5.37 cents, a sliver of a bar. Links to the Politics desk.

Plate III · Brightline’s junior Tampa bonds traded at about five cents on the dollar

This edition, by desk

Politics

Brightline promised its Tampa bondholders full principal, but First Eagle marked its fund’s junior Tampa-backed bonds at 28 cents on July 31, and objections to the railroad’s bankruptcy financing are due Thursday. Also new on the desk: the Kalshi brief Florida did not sign, the Coconut Grove deeds dated before California’s tax line, Orlando’s hotel-tax vote and two utility regulators’ retreat.

Brightline promised its Tampa bondholders full principal. Their bonds trade, and are valued, far below face

Uthmeier didn’t sign as 39 states and DC took on Kalshi at the Supreme Court

Larry Page’s reported Coconut Grove estates changed hands by deeds dated days before California’s billionaire tax line

Orange County commissioners voted the Dr. Phillips Center $350M of hotel tax two weeks before voters reshape the board

Two Florida power regulators took a hosts-paid West Palm Beach retreat. Their commission is set to rule on Duke’s data center rate Nov. 3

The Lead, above

Open the Politics desk

Houses

Two kinds of property debt in South Florida: a construction loan taken before a single condo sold on Miami Beach’s bay side, and a lender’s foreclosure suit at a Broward mall.

A Vacchi-backed tower set to replace a 1964 South Beach condo of 238 homes borrowed $507M before selling a unit

Brookfield’s Pembroke Lakes Mall lost nearly three quarters of its value, and its lender sued to foreclose

Open the Houses desk

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About

Old Florida Money is Oaktree Reserve’s public Florida capital brief: the named checks behind houses, teams, races, and public votes across the state.

Plates are drawn illustrations, charts or type, not photographs. Public figures appear only in caricature.

Drawn after reference photographs: Plate I, USDA Farm Service Agency, National Agriculture Imagery Program (NAIP) 2022, tile m_2608040_sw_17_030_20230213, via USGS The National Map (US government work, public domain). Plate II, Carol M. Highsmith, Carol M. Highsmith Archive, Library of Congress (LCCN2011631106), via Wikimedia Commons (public domain); Architect of the Capitol (official AOC photograph, USCapitol Flickr, Oct. 28, 2013), via Wikimedia Commons (US government work, public domain).

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