Build it like Beckham: Soccer star makes first payment on stadium land bought from county
David Beckham made the first payment toward his $9 million purchase of three acres in Overtown where he plans to build a stadium for his Major League Soccer team.
Beckham and his business partners made the first $450,000 payment on Friday, the Miami Herald reported. The former Manchester United star and his investors have about a year to pay to pay the bulk of the money for the land that Miami-Dade County agreed to sell to the international soccer star in June.
Beckham plans to build a 25,000-seat stadium on the site, which also includes six private parcels his group assembled for $19 million. Major League Soccer gave him tentative approval in August at a steep discount to the $150 million expansion fee that most owners of new teams pay.
Beckham has had an option to buy a franchise for $25 million since he played for the Los Angeles Galaxy a decade ago.
Beckham agreed to pay an initial $5 million at closing and the remaining $4 million over four years at an interest rate of 5 percent.
The no-bid deal with Miami-Dade is facing a legal challenge. [Herald] – Rich Bockmann
Source: The Real Deal