Results of Absolute Auction in Tesoro Preserve

Postponed by tropical storm, Fay, the sale was held last night.

Palm Coast, Florida – August 27, 2008 – An absolute auction of a building lot in Tesoro, Bobby Ginn’s private golfing community in Port St. Lucie, was scheduled for August 19th. Tropical storm, Fay, caused a delay. The rescheduled auction was held on-site last night under threatening skies.
In an absolute auction, the highest bidder wins, regardless of price. Eight bidders registered for the sale. They were joined by a handful of spectators. Bidding began at $25,000, jumped to $30,000, then to $35,000 when the bidding increment dropped to $1,000. It finally stopped at $49,000. A 10% buyer’s premium (to pay the auction company) brought the sale price to $53,900. This Tesoro Preserve lot was originally purchased for $245,150.

Elliot Paul & Company was the auctioneer

3 replies
  1. Joe
    Joe says:


    That is certainly something when a quarter of a million dollar lot sells a short time later for only twenty per cent of the original price.
    This is setting a bad precedent for the other properties in Tesoro. I would assume it will be years, if not decades, before the land prices reach the original selling price again.

  2. Hilton
    Hilton says:

    Forget short sales

    Great reporting as always, Toby. The real question here is who got stuck for the enormous loss? If there was a mortgage, the bank would have to agree to this loss as a short sale – and that is never happening. Why bother? As I understand it, this investor actually came to the closing table with this deficiency! If so, he is insane! Either just walk away and let them foreclose or make a deal with the bank to take back the property with no deficiency judgment.

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