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?


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