The two lots set to be auctioned off are on the left side of the photo near the beachfront, and in the center right of the photo where the two lowest hillsides meet. The lot near the beach is for sale for $3.8 million.
The first V.I. National Park in-holdings to hit the MLS market in several years will be sold in a February auction hosted by John Foster Real Estate.
About 10 three-acre parcels of land were retained by the Marsh family as part of the more than 400-acre acquisition deal with Trust for Public Land. The agreement with TPL allowed the family to retain several parcels while preserving the majority of the Estate Maho Bay property, which will eventually be turned over to VINP.
John Foster Real Estate is listing three of those parcels, one of which affords beach front access and is listed for $3.8 million. Two other three-acre lots will be available for sale through an auction planned for February 15.
The property owners decided to take the auction route in order to create priority among buyers, explained real estate agent Peter Briggs, a John Foster Real Estate partner who is listing the properties.
“The owners of these particular parcels have some other financial obligations that need to be met and the market is not the most liquid in its current state,” said Briggs. “So they’ve decided to go with the auction in order to create some priority in buyers in the marketplace. These days there is still a lot of cash on the sidelines, but buyers are sitting back and waiting for an incredible deal.”
The auction model is also a fitting way to sell the land because the properties are so unique, Briggs added.
“These properties are very unique, since they are surrounded by park, so the auction creates a little more priority for buyers seeking such a unique asset,” said the real estate agent. “There just aren’t many parcel like this available in the park system. When it’s something this unique, I think an auction is an interesting approach and we’re excited about it.”
The two lots are about 400 feet back from the Maho Bay beach shoreline on the ridge between Francis and Maho Bays. The parcels have a gentle slope and afford stunning views of Francis Bay and westerly sunsets, according to Briggs.
When driving from Maho Bay, once the road turns to the right towards the Annaberg, the two parcels which will be auctioned off are located on the left hand side of the road about 400 feet back from the beach.
The one parcel that is not being auctioned, but which is for sale for $3.8 million, is located directly behind the beach near where the current stone building is located, explained Briggs.
The deadline for submitting bids for the auction is January 26, and there is no minimum bid, Briggs explained.
“There are no minimum bids; we’ll be accepting any qualified bid,” he said. “Bidders have to use our contract, which was created by the family’s attorney. The contract is a form on our MLS which we’ll also deliver to any buyer.”
“The form is a binding contract and once that is signed, we’ll accept all bids,” said Briggs. “We’ll review the bids and then invite the best of the bidders to an auction which we’ll hold in February.”
If none of the bids submitted meet the family’s expectations, the auction could be canceled, Briggs added.
“The sellers have reserved the right to cancel the auction if none of the bids meet their requirements,” he said.
Several individuals have already expressed interest in the parcels, however, and Briggs anticipated someone would be getting a great deal via the Maho Bay land auction.
“We’ve really just started publicizing the auction, but the interest has already been strong,” he said. “There are a few participants who have had a long-term interest in that area. The sellers’ interest is to sell these parcels.”
“They are not playing around just looking for some figures,” Briggs said. “Given reasonable participation, someone will get an incredible value for an incredible property.”
For more information on the auction, call Briggs at 513-1850 or email peter@usvi-realestate.com.
