One of the largest land holdings in Panama City Beach history goes on the auction block later this week as the estate of the late Charles Faircloth offers nearly a quarter-billion dollars worth of prime gulf beachfront land to the highest bidders.
Headline from NW FL Daily News about an auction on Friday.
One of the largest land holdings in Panama City Beach history goes on the auction block later this week as the estate of the late Charles Faircloth offers nearly a quarter-billion dollars worth of prime gulf beachfront land to the highest bidders.
One of the largest land holdings in Panama City Beach history goes on the auction block later this week as the estate of the late Charles Faircloth offers nearly a quarter-billion dollars worth of prime gulf beachfront land to the highest bidders.
Replies
13
SWGB
Yes, and most of it is defunct condo projects. The only bright side is you have the zoning and DO in place to do just about whatever you want to.
SoWal Insider
One of the largest land holdings in Panama City Beach history goes on the auction block later this week as the estate of the late Charles Faircloth
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So I guess he "didn't take it with him." (Except the Granite.)
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Beach Comber
Did anyone go or hear any numbers?
Beach Fanatic
Charles Faircloth was a well-known local developer who passed away about six months ago. His estate includes a lot of Panama City Beach and it hit the auction block Friday.
It was standing room only at the Bay Point Marriott Resort as almost 1000 people showed up to bid on Charles Faircloth's estate.
It consisted of an estimated $250-million dollars worth of real estate in Panama City Beach.
The centerpiece of the auction was an 8.1 acre gulf front development known as Legacy.
It?s the largest gulf front development parcel in Bay County. It sold for $27.5 million dollars.
Other items on the auction block were several beach front homes, including a 7-bedroom-8 bath gulf front home selling for almost $1.4 million dollars.
Treasure Island had 10 condos up for grabs and each sold for about $400,000 dollars to $600,000 dollars.
But even though the U.S. is in a current housing slump, it seemed to have little to no effect on the bidders.
Auctioneers say Friday?s turnout was great and they also hope this is a good sign for the housing market.
It was standing room only at the Bay Point Marriott Resort as almost 1000 people showed up to bid on Charles Faircloth's estate.
It consisted of an estimated $250-million dollars worth of real estate in Panama City Beach.
The centerpiece of the auction was an 8.1 acre gulf front development known as Legacy.
It?s the largest gulf front development parcel in Bay County. It sold for $27.5 million dollars.
Other items on the auction block were several beach front homes, including a 7-bedroom-8 bath gulf front home selling for almost $1.4 million dollars.
Treasure Island had 10 condos up for grabs and each sold for about $400,000 dollars to $600,000 dollars.
But even though the U.S. is in a current housing slump, it seemed to have little to no effect on the bidders.
Auctioneers say Friday?s turnout was great and they also hope this is a good sign for the housing market.
Beach Comber
Another article on today's auction ...
http://newsherald.com/headlines/article.display.php?id=1087
PANAMA CITY BEACH
http://newsherald.com/headlines/article.display.php?id=1087
PANAMA CITY BEACH
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.
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.
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.
Beach Lover
Charles Faircloth was a well-known local developer who passed away about six months ago. His estate includes a lot of Panama City Beach and it hit the auction block Friday.
It was standing room only at the Bay Point Marriott Resort as almost 1000 people showed up to bid on Charles Faircloth's estate.
It consisted of an estimated $250-million dollars worth of real estate in Panama City Beach.
The centerpiece of the auction was an 8.1 acre gulf front development known as Legacy.
It?s the largest gulf front development parcel in Bay County. It sold for $27.5 million dollars.
Other items on the auction block were several beach front homes, including a 7-bedroom-8 bath gulf front home selling for almost $1.4 million dollars.
Treasure Island had 10 condos up for grabs and each sold for about $400,000 dollars to $600,000 dollars.
But even though the U.S. is in a current housing slump, it seemed to have little to no effect on the bidders.
Auctioneers say Friday?s turnout was great and they also hope this is a good sign for the housing market.
I wouldn't think this would have a lot to do with the problems in the nationwide housing market. Am I wrong to perceive the bidders have very deep pockets.
SoWal Insider
I wouldn't think this would have a lot to do with the problems in the nationwide housing market. Am I wrong to perceive the bidders have very deep pockets.
....you'll have to wait 30 days to see if these people can come up with the money to pay what they bid and see how many have financing fall through.
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Beach Lover
"Other items on the auction block were several beach front homes, including a 7-bedroom-8 bath gulf front home selling for almost $1.4 million dollars."
Anyone know where this home is located. Seems pretty low for a Gulf Front home.
Anyone know where this home is located. Seems pretty low for a Gulf Front home.
Beach Lover
Good old Shelly. Always looking for the Black Cloud to any situation. 
SoWal Insider
Good old Shelly. Always looking for the Black Cloud to any situation.
Not 'any' situation....RE transactions that may rely on securing credit.
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Beach Lover
Shelly needs to be more like Bush, what recession? Or is Shelly taking the heat for it all, telling it like it is for the past year.
Beach Fanatic
"..RE transactions that may rely on securing credit...."
http://www.bloomberg.com/apps/news?pid=20601109&sid=aIGRziUnaXjE&refer=exclusive
``We are in an extremely uncertain time and no one should feel sanguine about any agreements that are on the table,''
http://www.bloomberg.com/apps/news?pid=20601109&sid=aIGRziUnaXjE&refer=exclusive
``We are in an extremely uncertain time and no one should feel sanguine about any agreements that are on the table,''
SWGB
"Other items on the auction block were several beach front homes, including a 7-bedroom-8 bath gulf front home selling for almost $1.4 million dollars."
Anyone know where this home is located. Seems pretty low for a Gulf Front home.
It's located at 17817 Front Beach Road, you can google map it.
It seems like a low price, but the home is older, very close to the water, up on a bluff, and has a local reputation.
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