Ranchero Village residents Keith Dooley and Mimi Musil celebrate after the deal closed.

When Herbert Kendall and Mandell Berman put their lakefront mobile home park up for sale for $60 million last September, they gave residents there the first option to buy it. By November, 407 residents of Ranchero Village in Largo agreed to pay $49,000 each to buy the 126-acre property. Homeowners secured a $45-million bank loan and formed a cooperative. Each owner will pay $250 a month to cover the mortgage and a maintenance fee. The deal is one of the biggest mobile home resident buyouts in the state.