The unstoppable trend for private island auctions continues, with Bahaman Big Grand Cay the next island to command an impressive price.
An incredible private island archipelago commanded an impressive sum earlier this week after Big Grand Cay Archiplego Estate was brought to an online auction in co-operation with US-based auction house, CBRE Auction Services.
Attracting attention from island investors all over the world due to its astonishing low starting bid, the amazing archipelago was eventually sold at auction on May 14th 2014, with the deal successful coming to a close later that day, much to the delight of local broker, John Christie.
Mr. Christie was able to share the following details about the island auction to Private Island News: “The interest for this unique private island holding was strong and competitive. The bidding during the auction was robust and led to a successful offer with the holding being placed ‘Under Contract.’”
Whilst Private Island News is currently not at liberty to disclose the final sales price, we can confirm that the property was subject to a tense bidding war between two of the estate’s keenest would-be buyers, attracting a final price well in excess of the property’s USD 1,950,000 starting bid.
Speaking volumes about the growth and positive movement of the luxury real estate market, the level of activity and engagement shown at this auction is yet another sign that the private island market is back on the way up. Christie concurred, adding, “The desire for private island ownership is hotter than ever.”
As for Big Grand Cay itself, it is not yet clear what is planned for the eight-island-strong archipelago estate, though industry insiders predict that – due to the island’s incredible 277 acre surface area – a large-scale tourist development is a likely outcome.
Once used as a private hideaway for former US President Richard “Trickie Dickie” Nixon, Big Grand Cay can be found towards the north of the Abaco Chain (Bahamas) and is made up of Big Grand Cay itself, plus Bakers Cay, Rat Cay (also more flatteringly known as Seahorse Cay), Sandy Cay, Felix Cay, Spongers Cay, Mermaid Cay, as well as an as yet unnamed cay and three rocky outcrops.
The island was developed by the late Robert H. Abplanalp – an American inventor most famous for the creation of the humble aerosol valve. Investing millions of dollars his international fortune into the archipelago, Abplanalp was able to create a private island paradise tailored to his every whim, home to a huge vacation home, a deep-water dock, a salt-water pool and much, much more.