Land Associates v. Metropolitan Airport Authority

In this case a group of land speculators, knowing that the Metropolitan Airport Authority might well have need for a particular tract of land adjacent to the site of the airport, purchased 35 acres of land for the sum of $6,000 per acre in 1970 with the expectation that they would ultimately sell it to the airport at a greatly augmented price. They succeeded in this ambition but not in accordance with its outer limits.

The Metropolitan Airport Authority condemned the property and ultimately did acquire the property in 1980 at a price of $10,500 per acre, the condemnation proceedings having…