Report: Putnam got rich selling land $20 million above appraised value
Palm Beach Post:
Adam Putnam — former congressman, current commissioner of agriculture and widely viewed as the future of Florida politics — became a very rich man in 2005 when taxpayers spent $25.5 million on 2,042 acres of his family’s ranch that had been valued at $5.5 million a year earlier, The Palm Beach Post has learned.
The South Florida Water Management District needed only 600 acres of the ranch in Highlands County for environmental purposes. But it bought all 2,042 acres and did it in a way that arranged for the Putnams a lucrative tax break, while allowing the family to continue grazing cattle on the land rent-free until the district needed the land. After paying the family’s attorney $3.9 million in legal fees, the total deal cost taxpayers nearly $30 million.
Seven years later the district has used only 150 acres and has no plans for the rest. The Putnam cattle graze on, courtesy of Florida taxpayers.