Bahamas "Innocence Island" Sells for $17 Million

Posted by Steph Kaye on Tuesday, June 3rd, 2014 at 11:46am.

Your Own Private Island

Some parts of the world are simply more beautiful than the rest — Innocence Island is one such locale. One of the last unspoiled properties in the magical Exuma chain of islands, Innocence is separated not only by space and time, but by extraordinary natural beauty and total privacy. Virtually untouched by man, its 681 unspoiled acres of native fruit trees and tropical foliage, soft terraced hills, and pristine beaches are waiting to greet you with a feeling of peace and tranquility that instantly relaxes you.  Getting to the island is a breeze with an airstrip on-site. No plane? No problem. Hop on a chartered flight from nearby Nassau, Miami, Atlanta or even Toronto, and you’ll be lounging in idyllic island privacy in no time. Truly, to call Innocence Island home is worth any journey. Innocence Island, the largest privately-owned island in the Bahamas, has all the usual trappings of a high-end tropical getaway: beaches, mango trees, a large, airy home with a pool. There's even a runway that comes with its own airport code. Listed for $55 million, it was recently auctioned off for much less.

Before the sale began, auctioneer Frank Trunzo said, "I feel it could bring well over $20, $25 million," adding that the bidding crowd was going to decide how much it was really worth. Turns out, not that much. The bidding opened at $8 million and was over in minutes. When the winning bidder's paddle went up at the $17 million mark, Trunzo tried for more, calling $18 million, then $17.5. $17,250,000? The room stayed silent. The island was "Sold!" to bidder number 53, a man a few rows from the front, who declined to be interviewed for this article.

After the auction, Trunzo said the sale had been a success, even if the price did seem low. This fell within the range we were hopeful it would," he said. At $38 million less than it was offered four years ago? How? In 2011, Innocence went up for sale for $55 million but failed to find a buyer. Then, in late 2013, the owner got some devastating news: He was terminally ill with 17 months to live. He called realtor George Damianos, who'd handled the sale when he first bought the island in 2004. "He said, 'I gotta sell the island. Let's try it at $28 million and see how well we do,'" Damianos said. The owner has two small children and wanted to leave them cash instead of the property.

Innocence went back on the market in January, but the seller quickly decided to go the auction route instead. Auctions don't generally work well for private islands, according to Chris Krolow, president of Private Islands, Inc., and host of HGTV's "Island Hunters." He said it's difficult to show a private island to potential buyers because not many people are willing to make the journey to view the property. Islands with a strong local interest tend to do the best at auction. There are plenty of private islands for sale around the world, many of which are in the Bahamas. Krolow's website offers dozens, ranging in price from $6.5 million to $40 million to "price upon request."

He expected Innocence to go for a low price at auction. "I would say the island is worth about $30 million, considering the size and what some of the other islands in the area are going for," he said. "$17 million is definitely a steal." He said Innocence has the potential to be worth even more if the island is developed into a resort, because there aren't many in the area. Laura Brady, founder of Concierge Auctions, the auction house that sold the island, said it can be a challenge to find the true worth of high-end properties.

"When you think about a property that's $20 million-plus, it's only worth what a buyer is willing to pay for it," she said, adding that some properties are given list prices because it sets a context of value. The market, then, identifies the value, usually in a matter of minutes. Innocence's owner was given permission by his doctors to attend the auction of his island. Brady said the owner was pleased with the outcome. "We accomplished the goals and we were happy we were able to do that," she said. 

 If you are in the market for a new house and would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you. 

  Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Max Broock in Birmingham, Michigan. See what past clients have to say about Stephanie Lang.  Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.

 


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