Private islands occasionally do go under the hammer, but it’s rare that an island is guaranteed to be sold to the highest bidder in a no-reserve online auction.
Going once, going twice – and this undeveloped gem near Fort Meyers, Florida, will be sold to the highest bidder on Thursday, June 7th. Under the direction of the Fisher Auction Company, a financial services firm is taking the risk of selling the property in an ‘absolute’ auction with minimum bid price, and also making a little real estate news by conducting the entire proceedings over the internet. The firm, Pan American Fund LLC, had arranged to take back the island from the owners prior to foreclosure.
There is certainly a market for the attractive yet-to-be-named Caloosahatchee River island – it’s located in a great neighborhood with numerous upscale developments, and at 1.4 acres, the island is easily large enough to host a perfect cottage getaway. It’s already zoned residential, so enterprising individuals are set to build their ideal vacation home. The island would be ideal for boaters and nature lovers of all stripes – the river has deep-water access to the Gulf of Mexico and the Atlantic Ocean, not to mention spectacular plenty of beautiful scenery.
According to the auction company, the Fort Meyers island would be an “excellent location for a private island estate”, and boasts “breathtaking 360 degree riverfront views.” The catch, of course, is that the island is completely untouched – the new owner will have to deal with basic necessities like power generation, waste removal, and access to fresh water in addition to building a home from the ground up.
Assessed by Lee County at just US $42,000, the island is a far cry from the last – and only other – island Fisher has brought to auction with a reserve price, Leaf Cay in the Bahamas. That island, which failed the first bid and, according to the auction house, eventually sold for US $7.5 million, came complete with an airstrip, three homes, 16 other buildings, and was virtually a whole neighborhood unto itself. This little isle in South Florida will likely attract a broader range of bidders than a multi-million dollar island compound, but the sale is guaranteed to go forward regardless of the results.
The Fort Meyers island auction began at 10am on Monday, June 4th, and will end at 2pm sharp on Thursday. Interested bidders will need to pre-qualify for the auction by putting US $50,000 in escrow prior to 5pm EST on Wednesday, June 6th.
Visit the website for the Fisher Auction Company: Link
Read more about this story: ABC News