Man Utd suitor in struggle to flog Florida mansions for $49m

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The Independent Online

Malcolm Glazer, who tabled a fresh £800m bid for Manchester United last week, has been trying unsuccessfully to sell two Florida mansions for a total of $49m (£26m).

Malcolm Glazer, who tabled a fresh £800m bid for Manchester United last week, has been trying unsuccessfully to sell two Florida mansions for a total of $49m (£26m).

The tycoon was given permission by Man Utd on Friday to look at its books, after making his third bid approach for the Premier League club. This offer, which has reduced the amount of bank debt by including preference shares, was still viewed as unattractive by Man Utd's board.

Mr Glazer, who owns 28.8 per cent of the club, has yet to approach the largest shareholder, Cubic Expression, the vehicle of Irish businessmen J P McManus and John Magnier. Cubic, which has 29.5 per cent of Man Utd, rejected a previous bid.

Behind the scenes, the Glazer family has been trying to raise the finance to buy Man Utd after its original bankers, JP Morgan, pulled out. It is advised by merchant bank NM Rothschild, though it is understood JP Morgan is still involved in raising money.

Quietly, Mr Glazer has put his two beachfront mansions in the exclusive resort of Palm Beach up for sale. The landmark 10,754 sq ft mansion at 1200 South Ocean Boulevard was bought by Mr Glazer for $14m in 2000. It went on sale, priced at $29.5m, in October but there have been no takers.

A larger, 14,270 sq ft home at 1482 S Ocean Boulevard was put on sale at the same time with a different agent, priced at $19.5m. It is also still unsold.

Mr Glazer has not commented on his property dealings, but Jim McCann, the property agent selling the second house, said he suspected that if one home sold, the other would be taken off the market.

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