SURFSIDE, Fla. (NBC) – The south Florida Condominium that collapsed last June killing 98 people has been sold for $120 million to a billionaire developer from Dubai.

Hussain Sajwani, the owner of Damac Properties, was the lone bidder for Champlain Towers South in Surfside, Fla. after no other bids were submitted by the Friday evening deadline.

Michael Fay, of Avison Young, said hundreds of potential buyers had shown interest in the property, but none were ultimately prepared to match the strong initial bid of Hussain Sajwani, who put up a $50,000 deposit.

Avison Young is the commercial real estate firm that was appointed to market the land as part of a class-action lawsuit.

Earlier this month, families of the victims reached a $997 million settlement with local officials, the developers of an adjacent building, and others whom they hold responsible for the collapse of the 40-year-old, 12-story beachside building during the early hours of June 24.

Most of the Champlain Towers South collapsed in the early-morning hours of June 24, 2021, as most of its residents slept.

Only three people survived the initial collapse. No other survivors were found despite the round-the-clock efforts of rescuers who dug through a 40-foot (12-meter) pile of rubble for two weeks. Another three-dozen people were in the portion of the building that remained standing.

The condominium’s residents and visitors formed a melting pot: Orthodox Jews, Latin Americans, Israelis, Europeans and snowbirds from the Northeast.

The National Institute of Standards and Technology is investigating the cause of the collapse, a process that is expected to take years.