As the global economic crisis continues to take its toll on the private island market, one shrewd seller has taken to the online auction house eBay in an attempt to sell his Tennessee island.
The island market is abuzz with the news that Wolf Island is set to go under the hammer later this week. In an unusual twist however, this Tennessee island will be showcased to the public not at an auction hall, but on the internet auction site eBay.
Encompassing 116 acres of verdant woodland, this pristine private island calls the protected waters of the Tennessee River home. Located close to the historic Savannah Tennessee region, Wolf Island could be all yours at just the click of a mouse. Whether as a recreational retreat or the ultimate fishing destination – it’s not without reason that the region is known as the “Catfish Capital of the World”.
Fringed by two miles of soft, sandy shoreline and home to a magnificent hardwood forest, it’s certainly a tempting prospect. Indeed, who hasn’t dreamed of owning their own private island? Blessed by summer temperatures of around 27°C and home to the much sought-after farm tax status, there’s sure to be a fair few people “watching” this unique auction. But just how did the island end up on eBay in the first place?
Feeling the pinch of the global recession – from USD 500,000 to 99,000
Listed in 2011 for the princely sum of USD 500,000 the 116 acre island had dropped in value to USD 200,000 by 2012, before appearing at auction again earlier this year for only USD 116,000. Seemingly another victim of the economic recession, the picturesque Wolf Island forms a startling reflection of the island market as a whole.
The island certainly isn’t the first of its kind to feel the pinch of the global recession, however. Indeed, Nautilus, a picture-perfect island just of the coast of Maine was recently snapped up by one lucky buyer for only USD 2 million, despite an original asking price some USD 10 million more expensive. With rumors of the Bahaman Bird Cay Island going the same way, these so-called fire sales are appearing with increasing frequency within the island market.
The media attention surrounding Wolf Island may well work in its favor, and a number of bidders are already engaged in a battle to secure the deeds to this incredible island. With plenty of time to run and the latest bids all around the USD 99,000 mark, there’s no telling how this auction could end. Whatever happens though, you can rely on Private Islands News to keep you informed.