Greek island fetches R34m at auction, more offers still expected

Posted On Friday, 12 April 2013 14:26 Published by eProp Commercial Property News
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The Greek island on auction in Sandton on Thursday fetched R34m, although it is still subject to seven days’ confirmation and two other potential buyers are keen on putting in offers, according to the auctioneer Auction Avenue.

Property-Housing-ResidentialAuction Avenue director Kaleb Willems said the bidder was South African.

"The auction was well attended with a buzz surrounding the sale of the island," Mr Willems said.

"All we can say at the moment is that it’s a South African bidder. The prominent South Africans that are planning to put in offers have asked that their names be kept confidential until the offer has been accepted."

The auction of the 17ha island in the archipelago between Greece and Italy has been hailed as an uncommon offering in the local auction market.

The island belonged to a Greek family based in South Africa, and was held in the family’s trust.

The vacant island is zoned to accommodate up to six houses. Mr Willems said the nearest airport was "about two hours" away by boat.

The neighbouring island, less than 1km away, was owned by the Qatari royals, Mr Willems said.

Last modified on Saturday, 31 May 2014 09:20

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