Charles Faircloth Estate Auction a Success

by March 15, 2008 • 14 comments

Well, success is a relative term. I think they sold everything, but are they going to be able to pay off his debts with what they made? I doubt it. Up for auction was around 150 total properties that ranged from off-the-beach townhomes to multi-acre beach-front tracts. Auctioneers John Roebuck and Chris Camp blew through the properties in right around 3 hours.

Click the “more” link for a list of some of the big properties sold and a sampling of some of the small ones.

Being in the resort development/sales/marketing business, I was very interested as to what some of the larger tracts would go for. Being in real estate for the last 4 years, I had been watching Faircloth pick off properties one by one (and sometimes many at a time) as he continued to build his real estate portfolio. I for one was often confused because it seemed like he was buying a lot of properties, and at times paying too much.

I know of three townhomes next to Schooners he paid over $1.1 million for one, around $900k for another and $600k for the third. They all sold for $300k each yesterday. Let me tell you this, if I had any money right now, I would have been buying as much as I could yesterday also. There were several rental-ready properties that were sold that would almost have definitely cash-flowed.

If you have money to spend right now – I’ve said it before, and I’ll say it again – YOU NEED TO BE BUYING NOW!

Here is list of properties sold (in order in which they were sold):

The Sands – 2.22 acres, 300 feet of beach frontage, .66 acres across the street, D/O pending, sold for $14 million or $46k a front foot.

Legacy – 8.1 acres, 860 feet of beach frontage, DEP Permit with D/O in place, sold for $27.5 million or around $31.9k a front foot.

Breakers – 1.8 acres, 204 feet of beach frontage, currently operating restaurant and bar, sold for $5.7 million or $27.9k per front foot. I thought his was a steal as there is two operating businesses on this property (they were smart not to close these down)

Surfside Villas – 1.2 acres, 233 feet of beach frontage, D/O pending, this is one of the properties identified by the City as needing to be demolished as it is considered a public nuisance, sold for $4 million or $17k per front foot.

In case you don’t know or remember, beach front property was selling for around $60k per front foot in 2004.

And, for the rest, either because I’m lazy, too busy, or a little bit of both, I’m going to scan my bidder’s packet with notes. Here it is, be warned, it is 15meg.

John Roebuck puts on a good auction, and it was a total rush to be there. Good job John.

– edited: I should note (and I apologize for not doing so already) that many of the properties sold were not sold absolute, meaning that many will be subject to court approval, as stated by the auctioneer at the end of the sale.

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1 Lisa Kelly March 18, 2008 at 3:57 pm

You need a proofreader. I might do it for a STEAL.


2 Jason March 18, 2008 at 4:08 pm

Unfortunately, working more than a full time job, doing freelance web design at night, and running this web site in conjunction with spending time with my beautiful wife and three awesome kids, sometimes I misspell a word or two. I’m often too critical of others mistakes, so I guess my readers being critical of mine is well deserved.

Please forgive me, and thanks for reading.


3 Sharon Ernst March 18, 2008 at 4:44 pm

Please tell me the individual that bought Surfside Villas is going to do something with that building soon. I own a unit in Endless Summer, and Surfside has become such an eyesore, it’s embarrassing to tell anyone where my unit is located on the beach!

Someone HELP!!!!! GET IT CLEANED UP!!!!


4 Minnie February 25, 2014 at 7:45 pm

I really codunl’t ask for more from this article.


5 Jason March 18, 2008 at 5:18 pm

Surfside Villas has been ordered by the City of Panama City Beach to be demolished. I think the bank was given 30 days (and I’m sorry I don’t know from what date) to demolish the building or the city would do it and put a lien on the property.


6 Darrell Allman March 19, 2008 at 8:30 pm

Jason, you don’t worry about the grammatical stuff-you do much better than any of us in half the time. We appreciate what you do. it is not the correct words but the best message.

Thanks, Darrell


7 Scott Bowman March 28, 2008 at 7:15 am

are you going to publish a list of the auction properties that “acutually” close. The auction was listed as $250 million dollars worth of property but the total of bids came in at roughly $60 million, essentially 25 cents on the dollar. i am curious to see if the lenders will approve discounts that large. A number of the bids were subject to lender approval and all were required to close in 30 days. The 30 day window ended yesterday.

Scott Bowman


8 Jason March 28, 2008 at 7:56 am

I’m pretty sure they had 30 days from the auction date to close, but I could be wrong. The auction was on March 14th, giving them until April 14th to close.

Last I heard some were going to have a problem because, like you mentioned, many went for pennies on the dollar and much more was owed than was bid.

I do plan on doing a follow up when the closings become public record.


9 Scott Bowman March 28, 2008 at 8:00 am

sorry i had the date wrong so i will be looking for closings to happen around the 14th. thanks.


10 Jules April 9, 2008 at 10:56 am

“The city today accepted a $72,000 bid from American Sand and Asphalt Paving to demolish the Surfside Villas at 17-561 Front Beach Road.

Update on demolition:
The property was auctioned as part of the Faircloth Auction earlier this month. The new owner knew at the time of purchase that the building would be torn down for health and safety reasons.

A lien will be placed on the property, which will then be paid back by the owner. Demolition will take place within the next 15 to 30 days.


11 Jason April 9, 2008 at 11:00 am

Thanks for the update. I’ve heard that many of the deals will not be accepted by the bank. Does anyone have any details on this? I know the period to close is coming up in the next week or so.


12 Sharon Ernst April 9, 2008 at 6:13 pm

I hope someone knows something. I hate to have guests come down this summer, and the first thing they see when they pull into Endless Summer is that hideous graffiti covered building….which is a shame. At one time that was a beautiful old building!


13 Makendra December 14, 2011 at 8:47 pm

Imrspesvie brain power at work! Great answer!


14 zxihkspyvec December 15, 2011 at 11:56 am