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Asked if COVID-19 accelerated the desire to sell, Mr Wetzelberger said: “We were thinking about doing this last year during National Regatta. Then COVID-19 shut everything down. But I think with a vaccine out there, and that getting implemented, I think now is the time for somebody to make decisions about the future. [links]
“So I think the testing has gotten very good. With Nassau, the same thing; the testing is very good. So I think people are getting more comfortable in The Bahamas, as with other places in the world, that they can travel and travel safely.
“I think we’re going to put the COVID-19 behind us over the next four or five months and somebody can do good things. Exuma has great rapid testing, once you’re on the island, to get back off the island to the States or wherever you’re going.
The Exuma Palms is an 18-acre oceanfront property in Great Exuma. The property is reported to have development approval so a new owner can start developing the site right away. The auction is being handled by US-based Elite Auctions and is scheduled to take place on February 27. [links]
Fred Wetzelberger, part-owner of Exuma Palms, said he and his partners were never able to secure the financing needed to sustain the resort, which is why they decided to exit via an auction process that they hope will maximise their returns.
While Exuma Palms has performed better over the past three years, Mr Wetzelberger added: “Financing is hard to come by to get the project properly financed. So we listed it with a couple of different Bahamian realtors, and it didn’t really get a lot of traction there. here
Exuma and Ragged Island MP Chester Cooper meets with residents of Ragged Island
“The kids are doing school online for now but we are still hoping to get a school asap.” [links]
“It’s really hard,” Wallace continued. [links]
She however admitted that the circumstances on the island are not ideal. [links]
The estimated opening bid is $19.5 million, according to Concierge Auctions, the auction house holding the sale. Bidding opens on March 26 and requires a $100,000 deposit.
Last month, country music stars Tim McGraw and Faith Hill listed their 20-acre private island, on which they built a 6,500-square-foot home, for $35 million. And in the North Eleuthera district, a 430-acre private island that comes developed with five luxury villas, a beach club and spa, and boat docks, is on the market for $45 million. [links]
If someone is in the market for a private island in the Bahamas right now, St. Andrews is not the only option. [links]
The island is 10 minutes by boat from the tiny settlement of Duncan Town on nearby Ragged Island, which has an airstrip for private planes. It's about 372 miles southeast of Miami and 223 miles from Nassau, the capital and largest city in the Bahamas. [links]
Great and Little Ragged Island lie at the end of a chain of islets, cays, and rocks that stretch over 100 miles. All you need is a boat, and the uninhabited cays are yours to explore.
Ragged Islanders are a hardy, seafaring people, who build boats, booms, and masts for sailing sloops, race boats in regattas, and fish. They love the sea so much that nearly every home is built to have a breathtaking view of the ocean. [links]
The community in Ragged Island is small and tight-knit. In fact, because the population is so small, members of three different religious denominations gather at the same church on Sundays, to celebrate together. [links]
Quiet, serene, and hilly, Ragged Island isn’t nearly as rough as its name suggests. The island is a haven for avid fishermen, with its unparalleled flats ideal for bonefishing. It’s not uncommon to snag an abundance of grouper, snapper, barracuda, tuna, and kingfish during a one-day expedition on the water or meet a local boat builder while kicking around Duncan Town. [links]