Miami condo developer Jorge Perez and New York real estate billionaire Stephen Ross may be betting a real estate recovery is not far off.

Perez and Ross, the owner of the Miami Dolphins, paid $27.1 million for 4.6 acres of beachfront land in Fort Lauderdale. The site, in the 2200 block of North Atlantic Boulevard, currently is home to the vacant Ireland’s Inn hotel built more than half a century ago.

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