ValueRich, Inc. (NYSE:IVA) has announced that its wholly owned subsidiary VR Preserve Development, LLC has acquired certain assets of the Tesoro Preserve Development in Port St. Lucie, Florida. The Tesoro Preserve Development is a private community with 440 individual home sites. The asset purchase included six waterfront single family residential lots, seventy six single family residential lots, seven acre commercially zoned parcel, and related Appurtenances, Improvements, Personal Property, Intangible Property, Assigned Agreements, Leases, Interests as Declarant under the Master Declaration and Association Rights.
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The company will become Declarant of the Tesoro Preserve Development. As the Declarant, the company has the right to require homebuilders to enter into Developer’s Homebuilding Royalty Agreements. The Agreements will entitle VR to certain development fees. VR paid $250,000 in cash as consideration for the acquisition.
ValueRich, Inc. operated various online and offline media-based properties for corporate and financial professionals. The Company’s properties included iValueRich.com, ValueRich magazine and the ValueRich Small-cap Financial Expo. iValueRich.com is an online community providing a range of business solutions for public companies and many industry-related businesses and professionals that seek to do business with each other.
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