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Lost Tree Began Development of a Large Piece of Land

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Lost Tree began development of a large piece of land on the Florida coast in 1968. In 2004 it received permission from the state to develop some of its property but the Army Corps could not give a wetlands permit. Lost Tree sued, contending the value of its property fell from $4.8 million to nearly nothing. The district court agreed and awarded damages. The court of appeals:


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