The largest contiguous parcel of undeveloped private land east of the Mississippi River is going on sale and expected to bring $1 billion or more when sold this year. Foley Timber and Land Company owns the 560,000 acre tract in northern Florida which is nearly the size of Rhode Island. The land is almost all empty except for the cedar, oak and other hardwood trees that cover close to 900 square miles between Tallahassee and Gainsville. Foley has a modest timber operation on the land that generates about $50 million annually. Foley expects that the buyers will maintain the timber operations and possibly sell chunks of the property to developers in the coming years.
