Friday, July 19, 2024

Island Market

USA: Florida Private Island Sells For $10 Million Less Than its $24.5 Million List Price

A former teacher picked up a private island bargain earlier this week, purchasing Little Bokeelia Island (Florida, USA) for a fraction of its original USD 24.5 million price-tag

  • A 104-acre private island in Florida has been sold with a discount of USD 10 million on its original USD 24.5 million dollar price tag
  • After enduring a three-year marketing campaign to no avail, former owners Tom and Elizabeth Munz announced they would consider “all serious offers”
  • New owner Mark Pentecost reportedly paid USD 24.5 million in cash to pay for the privilege of calling this picturesque private island home
Little Bokeelia Island - Photo Courtesy of VLADI PRIVATE ISLANDS

Little Bokeelia Island – Photo Courtesy of VLADI PRIVATE ISLANDS

Private Island Sells With Huge Reduction

After three years on the market, a 104-acre private island in Florida has finally been sold – for a fraction of its USD 24.5 million list price.

According to local media reports, Little Bokeelia Island, located halfway between Naples and Sarasota, was sold to teacher-turned-entrepreneur Mark Pentecost for just USD 14.5 million – USD 10 million less than the original asking price.

Long-time owners Tom and Elizabeth Munz were reportedly keen for a quick sale of the beautiful island and mansion, and had announced earlier this year that all “serious offers” for the property would be considered.

Cash Offer Made for 104 Acre Island

New owner Mark Pentecost (the founder of Palmetto-based lifestyle company It Works), is believed to have made a cash offer of USD 14.5 million for the island, which, along with a USD 100,000 security deposit, was gratefully accepted by Little Bokeelia’s previous owners.

Sources close to Pentecost explained that the entrepreneur currently has no plans to develop the island, preferring to “keep it in the same state” and use it in a dual role as vacation home and corporate retreat.

“When I saw that island, I saw right away that it was just a great place to unwind, to unplug,” Pentecost told the Herald-Tribune, as the closing documents were being completed. He also said that the island will make a special place to invite executives from It Works for planning retreats.

“I think we could entertain 30 to 50 people really easily,” Pentecost said. “We want to keep it more of an intimate group setting.”

Little Bokeelia Island – A Rarity within Florida

According to the brokers responsible for the sale of the island, the Pentecosts were no mean the only people interested in getting their hands on Little Bokeelia Island. It’s little wonder. Located just 10 minutes away from the South Florida mainland, the property features a mansion with a caretaker, electricity from the mainland, its own desalination plant and bungalows for guests.

To find out more about this great property, head over to the official property listing by Vladi Private Islands GmbH. Alternatively, have your say about the sale of the island via our Facebook page. Do you think Little Bokeelia Island was a bargain at USD 14.5 million – we’d love to know your thoughts.

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