Innocence Island, the largest private isle in the Bahamas sold for $17 million in an auction held last month. The price is much below the initial ask of $55 million.
Bidding for the island opened at $8 million. Auctioneer Frank Trunzo told CNN Money that he expected the island to fetch at least about $20 million to $25 million. However, it sold considerably below his expectations as well.
The bids stopped at $17 million but Turunzo tried calling for $18 million, eventually going down the scale. But the room reportedly remained silent. The island was sold to bidder number "53" who declined to comment on the purchase.
Innocence Island was first listed for $55 million in 2011. Failing to find a buyer, it was taken off the market. Later in 2013, the owner of the island received news that he only had 17 months to live and, therefore, wanted to leave cash for his two young children instead of a property. He put it back on the market this January for $28 million but quickly decided to auction the property.
George Damianos of Sotheby's International Realty and Concierge Auctions collaborated on the auction.
Largest private island in Bahamas successfully auctioned by @followconcierge @Damianos_SIR pic.twitter.com/AmqvNJflIw
- Chad Roffers (@chadroffers) May 16, 2014
"The seller of this island is very similar to clients that we represent with other properties that we sell across the U.S., as well as around the globe. So, these are clients who own properties that are very unique. They're one-of-a-kind, and they're difficult to value. So when it comes to selling a property like this, you can't really place a price tag on it," Laura Brady, president of Concierge Auctions, told CNN. Despite selling for $38 million lesser than its initial asking price, the owner was reportedly pleased with the price.
About Innocence Island
Innocence Island is one of the isles of the Exuma Island Chain, many of which are owned by celebrities like Tim McGraw and Johnny Depp. The 681-acre island has a 2,500-square-foot landing strip, a boathouse, a 3,000-square-foot main residence with six bedroom, six bathroom, a meditation dock and a gym.
Innocence island. The boathouse. Ship Owners townhome. 3 pieces of the Bahamas- 3 happy buyers! Successful Auction day in NY! — katie lawless (@katieflawlesss) May 16, 2014
Private Islands cheaper than Manhattan Apartments
Of late, properties in hot cities like New York and Los Angeles have become super expensive. Fox News has a list of private islands that cost lesser than a condo in Manhattan, New York City, for example: Tahifehifa Island in the South Pacific is for sale with a meager $370,205 price tag and Piaçabuçu Islands in Brazil will just cost you $79,500.
Also see some other stunning private islands for sale here.
