Millionaire's playground: too rich for SA's super wealthy

Described as “an idyllic paradise surrounded by the calm crystal clear waters of the Ionian Sea” a Greek island up for auction presented a variety of pull factors for bidders. However when the time came to bid, no one made an offer.

Just fewer than 50 people were packed into a conference room at the Maslow Sun International Hotel in Sandton on Thursday. With all the seating taken, bidders had to find space on the sidelines. While the registration process began an hour before the event, the auction ended almost as soon as it had started.

The 17Ha island boasts neighbours such as the Qatari Royals and the Onassis Family and is based in the Archipelago between Greece & Italy. In total, six properties can be built on the island.

The auctioneer started the bidding at R30m but with no offers this was moved to R28m and eventually down to R15m. Still no offers were made. The anticipated excitement of a bidding showdown was met with silence.

The nine other properties on offer, including industrial, commercial and two game lodges, were also met with minimal offers.

Most guests at the auction indicated that they were there to view the properties and not necessarily to bid. However, Carol Green from Green Day Properties, stated that this was not unique at auctions because individuals usually come to view the interest in the properties and then make offers later.

So for now the idyllic island is still available. Fancy an island anyone?


  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Feb 2018
      These days most buyers are using online property portals like Private Property when house hunting due to the convenience, up to date information and variety on offer. “The property portals have revolutionised the way buyers shop, but they do need to be cautious – viewing photos online is no replacement for viewing the property in person,” says Bruce Swain, CEO of Leapfrog Property Group.
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us