A dozen waterfront acres on Grand Cayman's North Sound sold for $3.263 million Saturday, 5 November, in an auction managed by J.P. King Auction Company, Gadsden, Ala., U.S.A.
Dubbed Crystal Shores, the property near the Grand Caymanian resort attracted 10 registered bidders, who gathered on the waterfront for live music and refreshments as the auction hour approached.
The properties were offered in six individual parcels, and bidders were invited to make offers for groups of parcels and for the entire property. Halbestadt purchased all six parcels.
"Everybody keeps talking about how soft the market is in the Cayman Islands, but I didn't see that today," said Craig King, President of J.P. King. "What I saw was the auction method doing what it does best _ getting the attention of prospective buyers, spotlighting the property and getting a fair market price," he said.
Very Interesting.
