CLOVE CAY, Bahamas--(BUSINESS WIRE)--Renowned Chicago neurosurgeon and art collector Dr. Benjamin LeCompte made a recommendation to his partners; why not sell their Island at auction?
Originally on market for nearly $25m, Clove Cay was out of reach for everyone, except for the famous. “An auction opens the doors to discover what the market will pay for unusual properties such as this,” said LeCompte.
“We are not seeking the very top price at all,” he added; commenting on other criteria that matter more to him. “Timing is most important; who can buy and close now.”
Opening bids for the rare find are expected to range from about half price.
The ideal location of Clove Cay makes it a unique property, in that it’s only 1.5 miles off mainland Exuma, which has an international airport. This significantly decreases all associated costs with development and travelling to and from the island. Its high elevation of 35 ft makes it a real island that can accommodate quality construction.
Clove Cay is in the Bahamas' Exumas archipelago. The hot spot has hosted the weddings of Google co-founder Sergey Brin, and Penelope Cruz and Javier Bardem.
Bidding Window will open December 16th. Bidders qualify by signing the purchase agreement approved by Seller’s counsel and meeting the criteria of Bahamian protocol. Bid credentials are received by contacting the Ownership’s advisors at 1-855-460-2437.
An art collector himself, LeCompte understands that an auction takes a snapshot of value, given a timely sale and immediate liquidity for the Seller. “I will let the market determine value because it’s the best way to sell it,” concluded Dr. LeCompte.