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Group buys Bahamas island

A group of South Florida investors led by boat show promoter Kaye Pearson has purchased Chub Cay in the Bahamas, and plans to develop a luxury resort on the island, according to a published report.

Pearson, who is president of Fort Lauderdale-based Yachting Promotions Inc. told the Sun-Sentinel of South Florida the new owners plan to invest several million in a high-end resort that will include villas, a clubhouse, 220-slip marina and other facilities.

Pearson is best known as the producer of the Fort Lauderdale International Boat Show.

Chub Cay, a privately owned island of about 1,000 acres, was purchased from a group of investors in Texas, and the transaction is subject to approval by the Bahamian government, according to the Sun-Sentinel report. It is about 140 miles from Fort Lauderdale and 38 miles from Paradise Island in the Bahamas.

The island already has a 5,000-foot airstrip and 86-slip marina, according to the Sun-Sentinel report. The marina will be enlarged so it can accommodate yachts up to 175 feet, creating a new destination for luxury vessels, according to investors.