property value is increasing in Florida, but a 600 sq/ft condo less than 2miles from hollywood beach is barely worth 50k... still down 100% from 10 years ago. There is a ton of property available in Broward county, not vacant land per se, but a lot of old dilapidated buildings that would be less expensive to tear down or renovate than to fill in 2 lakes....
Not an expert on real estate development in the area, but 12 mil seems like a serious over valuation. Still its a lot of land, and will fetch more than a skier(s) would be willing to pay so it is likely gone.
I wonder if there is any way to develop the second lake closest to the highway, while maintaining the ski lake? would be easy enough to subdivide waterfront lots where the skiing takes place. Just a thought.