Alico Inc. announces close of property sale in Polk County, Florida.

LA BELLE, Fla.--(BUSINESS WIRE)--July 25, 1995--Ben Hill Griffin III, president and chairman of the board of Alico Inc., announced Tuesday that a property sale in Polk County, Fla., closed on July 25, 1995.

The transaction included 5,801 acres for a total sales price of $8,295,500. Alico Inc. transferred the property east of Frostproof, Fla., on County Road 630, to the state of Florida. The transaction will result in a gain of approximately $7.9 million during the company's fourth quarter ending Aug. 31, 1995.

The agreement between Alico and the state was negotiated by The Nature Conservancy. The property was acquired through the state's Conservation and Recreation Lands Program (CARL).

Griffin stated that: "Alico is pleased to make this property available to the state of Florida. Alico and its predecessor companies have maintained this property in its present undeveloped state for more than 50 years. The sale is consistent with Alico's policy of selling lands, surplus to its agricultural operations.

CONTACT: Alico Inc., La Belle

W. Bernard Lester, 813/675-2966