A trailer park has become the largest real estate transaction in Palm Beach County, Florida history.

Back in January, the owners of nearly 500 mobile homes in a trailer park voted to sell the trailer park for $510 million. The trailer park is situated on 43-acres with 600 feet of land on the Atlantic Ocean and 1,100 feet on the Intracoastal Waterway.

Florida based developer, Ocean Land Investments plans to build several hundred low-rise, multi-million dollar condos, a marina, and a luxury hotel.

The deal is expected to close in 2009 and the developers are expected to have a tough time obtaining zoning and development permits and approvals. But Ocean Land Investments doesn’t seem to be worried.

Tags: florida, land, trailer park, real estate, palm beach, ocean land, development, condo, condos