Another article on today's auction ...
Almost 30 minutes before the Charles Faircloth estate auction began Friday, Roebuck Auctions founder John Roebuck looked around the lobby of an already bustling Bay Point Marriott conference room and predicted there were more buyers on the way.
He was right.
?And the auction?s on. And what are you going to give me for the Sands?? Roebuck shouted to kick off the bidding Friday.
Prospective buyers and curious area observers packed into the conference room, some leaning on the walls as Roebuck and the auction firm?s Florida division president, Chris Camp, raced through an inventory of about 150 Faircloth properties in a little more than three hours.
Faircloth died Oct. 6, leaving behind a massive inventory of properties, from condos, to undeveloped land to beachside homes. Earlier in March, Roebuck project manager Thania Krafthefer said the firm had been told months ago that Faircloth?s holdings held a combined market value in the $250 million range.
All property was sold as is. Roebuck said sales would be pending court approval and had to be closed within 30 days of purchase.
The highest bid for the Legacy Beach project, an 8.1-acre Thomas Drive tract with 860 feet of beachfront and a development order in place for a 30-story, 688-unit condominium, came in at $27.5 million, while the Sands Condominium project?s selling price was $14 million.
A 1.8-acre tract on Front Beach Road, the current location of Breakers restaurant and Harpoon Harry?s that has a development order for a 22-story condominium, sold for $5.7 million.
Camp said there would be a buyer?s premium attached to each sale.
One of the auction?s busiest buyers was Paul D?Agnese, owner of Atlanta-based Executive Enterprises, who estimated he bought $10 million worth of property Friday.
An animated D?Agnese sat in the front row of the conference room, frequently checking his program, consulting with friends and occasionally jumping out of his seat as Roebuck and Camp took turns as auctioneer and other Roebuck agents paced the aisles.
After the auction, D?Agnese said he bought in the Florida Panhandle during its ?heyday? 2? years ago and owned property throughout the region. He said he thought the property he bought Friday would be worth $17 million once the market turns around.
?I think we?re seeing the bottom here,? D?Agnese said, adding, ?I?m hoping what I bought here today will make up for my losses in the Panhandle.?
Other properties auctioned Friday included:
n a seven-bedroom, eight-bath gulf-front home at 17817 Front Beach Road that sold for $1.395 million;
n a 15.7-acre Panama City Beach tract of commercial land with 785 feet of frontage on U.S. 98 selling for $131,000 per acre;
n the 1.2-acre Surfside Villas project, with 233 feet of beachfront, for $4 million.
A 5.75-acre commercial site on State 77 was sold before auction, according to Roebuck?s Web site.
Minutes after the auction closed, a sweat-drenched Roebuck said the number of properties sold Friday weren?t the biggest total in company history. Even so, as far as he knows, he said, it was one of the bigger real estate auctions for one seller.
There were about 800 people at the auction, Camp estimated, with 600 seated and about 200 standing at the back of the conference room. Registered bidders came from five different countries and 20 states, Camp said.
?As big as it was, it went so smooth,? Roebuck said, calling the auction ?a huge success.?
Cody Khan, vice president of the Holiday Inn Sunspree, said he was surprised at the high turnout Friday.
?That tells me the economy, at least here, makes a good investment opportunity,? Khan said.
