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(CNN) --
A Florida judge on Wednesday approved an $83 million settlement for former condo owners and heirs of those killed last year when the Champlain Towers South residential building in Surfside partially collapsed.
The compromise deal was originally agreed to in February, the Miami Herald reported.
Nearly $50 million of the deal would come from a payment from the condo association's insurance company, while the remaining $33 million would come from the sale of the property where the building once stood, the Herald reported.
The initial offer for the property is $120 million, the newspaper said.
"A tragedy beyond all tragedy", the collapse of the Champlain Tower South in Miami was a catastrophe in slow motion
The settlement comes less than a year after a portion of the condominium building collapsed in the middle of the night on June 24 while many residents slept, killing 98 people.
The victims were between 1 and 92 years old.
Miami-Dade Circuit Judge Michael Hanzman approved the multimillion-dollar settlement after hearing emotional testimony that brought him to tears multiple times.
"Everyone in this case is a victim, there's no doubt about that," Hanzman said before giving his final approval.
"Keep in mind that this court is in no way diminishing your pain and suffering and the trauma you have suffered... we have 98 people who lost their lives, and this case needs to be kept in perspective."
The heirs of the 98 victims were classified as the wrongful death class during the hearing and the surviving condo owners were referred to as the economy class.
Attorneys for the South Champlain Towers Condominium Association also participated in the settlement.
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The court based its decision on the grounds that the settlement was "fair, reasonable, and adequate," but due to some concerns, the judge announced two conditions that he was adding to the settlement.
"Number one, this deal will be contingent on the closing of real estate for at least $120 million," Hanzman said.
"And until and unless that happens, not a dime will be distributed to condo owners."
"Number two, I'm not going to deduct insurance," he said, adding that he would instead deduct $750,000 from the top "which the court will use to partially compensate the attorney ... and for past expenses to maintain this property." until today".
In his post-testimony statement, Hanzman acknowledged that the law and the court system could not "alleviate the pain and suffering that these people are enduring."
Hanzman also praised the settlement and the lawyers, who he said worked hard to get it done, saying the court did not want to "let the perfect be the enemy of the good."
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The tragedy touched communities in several countries
Victims of the Champlain Towers South collapse came from all over the world, and grief touched members of a close-knit Jewish community and families from as far afield as Argentina, Paraguay and Colombia.
At the time, Miami-Dade County Mayor Daniella Levine Cava called the landslide "the largest non-hurricane emergency response in our state's history."
Crews carried out recovery efforts for weeks, sifting through debris as victims' families and loved ones waited for information.
Concrete in the pool area and underground garage has been a focus as engineers and government officials investigate the cause of the collapse, CNN reported.
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