Tax Issues Meant Indirect Route for State to Buy 74,000 Acres of Ranch
March 26, 2007, Miami Daily Business Review

As a result of a complex conservation land purchase involving the Babcock family, the state of Florida and developer Syd Kitson, the family recently sold 91,000 acres of swamp land to Kitson, who in turn sold 74,000 acres to the state of Florida to keep as a wildlife preserve.  Lawrence Gragg and Edward E. Sawyer, both partners in the Tax Practice of White & Case’s Miami office, headed the team representing the Babcock family.

"Three parties had to come together," Sawyer said. "I refer to it as a win-win-win deal for the state and citizens to set aside 74,000 acres in a high-growth area.  That’s good for everybody. And the buyers and sellers had a good business transaction.  This was one of the big ones that was unique for the state."  White & Case helped the Babcock family negotiate the complex tax issues that arose from dealing with a developer and the state.

Sawyer said it was a deal he could feel good about at the end of 16 months of hard work.  "It was a good piece of business, but I live here, too, and it’s nice to participate in a transaction like this and end up with a big chunk of Florida maintained in perpetuity."