PANAMA CITY BEACH:
Bargain Real Estate Bids for Naught When longtime Panama City Beach developer Charles Faircloth died in October at age 79, his estate included a collection of homes, condos and development sites, including four that encompass nearly a third of a mile of beachfront. In March, an auction of 150 prime parcels attracted 800-plus people from 20 states and five countries. But bid contracts for all the parcels are estimated at just over $60 million. Pre-auction estimates pegged the value at $250 million. ?The property he had was the crown jewel of the coast,?? says businessman Jack Bishop, who dubbed the auction bids ?too low to be realistic.?? Will the bank approve the deals? [Source: Florida Trend]
Bargain Real Estate Bids for Naught When longtime Panama City Beach developer Charles Faircloth died in October at age 79, his estate included a collection of homes, condos and development sites, including four that encompass nearly a third of a mile of beachfront. In March, an auction of 150 prime parcels attracted 800-plus people from 20 states and five countries. But bid contracts for all the parcels are estimated at just over $60 million. Pre-auction estimates pegged the value at $250 million. ?The property he had was the crown jewel of the coast,?? says businessman Jack Bishop, who dubbed the auction bids ?too low to be realistic.?? Will the bank approve the deals? [Source: Florida Trend]
