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.Print Story