Everyone has probably had a dream about buying a private island and retreating from our high-paced and industrialized world and replacing it with a world full of sun, beaches, and crystal blue waters. When people think of this dream it is almost immediately followed by a thought along the lines of “well that will never happen to me, I can’t afford an island like that.” To those who are naysayers, I bring good news! If you have around $20,000,000 lying around then there is a very high chance that you will be able to afford your own private island in the Bahamas.
Today brings news of the sale of Innocence Island, the largest island in the Bahamas. It has all of the stereotypical island desires: mango trees, beaches, and a huge home with a pool. With an initial listing of $55,000,000 and a goal of at least $20,000,000 in mind, surprise was rampant when it sold for only $17,000,000. With an initial bid of $8M and an auction that only lasted minutes, the price of $17M for this island was seen as a steal for the buyer. The island was originally thought to be worth $30M and so being able to by it at $17M was definitely a good move.
How did an island with such a high value and an even higher asking price sell for so low? There are a number of factors that played into the sale, including the auction process itself. Unlike houses, islands are obviously much more difficult to sell. The auction process adds to this difficulty due to the fact that most of the people bidding aren’t willing to make the trek to actually go see and experience the island themselves, so the price they’re willing to pay is drastically lower. If anyone is interested in buying an island for a lower price, the best advice they could listen to would be to start exploring the world of island auctions. You might be able to steal an island of your own for much lower than it’s worth.
If anyone would like to read more, here’s the article:
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