Tampa’s Fun-Lan drive-in sold to apartment company for over $11 million | Tampa Bay News | Tampa

Last December, Tampa’s iconic Fun-Lan Flea Market and Swap Shop suddenly closed as vendors and employees scrambled to find new gigs. Rumors swirled about who bought the property, for how much, and for what purpose.

Now those questions have been answered.

The property was deeded by general warranty deed to Richman Hillsborough Apartments on February 15, a property developer, for $11.34 million.

According to the county, the property is meant to become multifamily housing.

The apartment company paid $5.84 million more than the original buyer, GFY Trustee Services, which bought the property in December for $5.5 million. Just over three months later, GFY doubled its money with its sale to Richman Hillsborough.

Richman is known for building luxury apartments, but his website says it has 96 “affordable” units in South Florida for people earning 26% to 60% off regional median income (AMI). Richman has no affordable properties in Tampa, but has opened 1,131 units at its four “iconic” local developments.

Although GFY purchased the property, a company partner told CL last month that he was representing a client, but did not disclose who.

On February 15, the deed was signed and then uploaded to the Hillsborough County Clerk’s website.

In the background, a county official said it looked like GFY was able to buy the property cheaply and turn a big profit in a short time.

Creative Loafing Tampa Bay contacted GFY Trustee Services for details of the sale, but did not receive a response. Richman Hillsborough did not respond to a request for details of upcoming accommodation on the property. This post will be updated if replies arrive.

In December, the property was sold to the apartment company by Betty Henn, owner of the Fun-Lan company.

According to Hillsborough County real estate appraiser records from the early 1990s, Henn purchased the property for $475,000.

UPDATE 02/28/22 9:56 PM Updated with numbers on Richman’s “affordable” and luxury units in Florida.