Wednesday, August 27, 2008

Florida home auctions for $53,900 that was originally purchased for $245,150

Results of Absolute Auction in Tesoro Preserve
Postponed by tropical storm, Fay, the sale was held last night.
By Toby Tobin

Palm Coast, Florida – August 27, 2008 – An absolute auction of a building lot in Tesoro, Bobby Ginn's private golfing community in Port St. Lucie, was scheduled for August 19th. Tropical storm, Fay, caused a delay. The rescheduled auction was held on-site last night under threatening skies.

In an absolute auction, the highest bidder wins, regardless of price. Eight bidders registered for the sale. They were joined by a handful of spectators. Bidding began at $25,000, jumped to $30,000, then to $35,000 when the bidding increment dropped to $1,000. It finally stopped at $49,000. A 10% buyer's premium (to pay the auction company) brought the sale price to $53,900. This Tesoro Preserve lot was originally purchased for $245,150.

Elliot Paul & Company was the auctioneer

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