Hot property in Sunshine State for Ian

A BUSINESSMAN from the Capital has set up a property development company in Florida.

Ian Russell, who is a former director of Rangers Football Club, wants to take advantage of the ailing property market in Orlando. Prices have tumbled by as much as 50 per cent in the "Sunshine State" but Mr Russell is hoping that the bottom of the market has now been reached.

Mr Russell, whose Caledonian Management company has operated property funds in the Middle East, said: "Florida is the second-largest university state in America. It is a strong conference destination because of the facilities it offers and has the obvious tourist attractions and theme parks. As a result it has a huge pipeline of people wanting to rent properties who are not interested in buying."