The South Florida Water Management District in 2005 paid $25.5 million for land owned by the family of now-Agriculture Commissioner Adam Putnam, a year after the property had been appraised at $5.5 million, The Palm Beach Post reported Sunday.
Putnam, who was then a member of the U.S. House, said he did not become involved in the sale because he did not want any appearance of a conflict of interest.
Putnam’s family has long been prominent in agriculture circles and owned the 2,042-acre ranch in Highlands County for decades.
The purchase was part of a massive water-management district restoration effort that includes the Everglades.
Will Putnam, the agriculture commissioner’s brother, said the price of the property stemmed from rising real-estate values at the time.
“Nobody could have foreseen what was going on — we were fortunate,” Will Putnam told the newspaper. “Adam never could have struck this good a deal. It was the market.”
The deal also allowed the Putnam family to continue grazing cattle on the land.
