Monday, October 18, 2010
In a previous blog, I wrote about an up and coming J.P. King auction for Vendovi Island, located in the San Juans. The outrageous property up for grabs was a 216-acre private island with 6 beaches and incredible views owned by David Fluke. However, the auction which took place at the end of September, proved to be rather disappointing. The Island received only one bid at $3.3 million, over $10 million less than the owner’s reserve price. J.P. King, who is a member of Ewing and Clark’s sister company, Luxuryrealestate.com, was established in 1915 and is based in Alabama. They primarily service North America in marketing and selling multi-million dollar properties. The Seattle Times released an article today about the auction and related Islands on the market noting that they, like most properties for sale, are still feeling the effects of the current market. Although the Vendovi Island is appraised for over $10 million, a J.P. King spokeswoman says they are expecting the selling price to be lower. The article also reveals that there are 500 islands worldwide for sale, and only one internationally marketed island has sold in the past 5 years. Until the market makes a turn for the better, Vendovi will most likely remain on the market for a while.