$19.5m Little Ragged Island is ‘sale pending’

By YOURI KEMP

Business Reporter

ykemp@tribunemedia.net

THE $19.5m Little Ragged Island is “sale pending,” as of last week after an auction was held by a US luxury real estate company.

Concierge Auctions, a New York based residential real estate company, told Tribune Business “Little Ragged Island is sale pending and the auction has closed. Generally speaking in the Concierge process, if the property does not sell at auction, it will remain on the market and be available for offers.”

Concierge does not disclose the information on the new owners or the final sale price, but the lot was listed at $19.5m and Bahamas Realty was the local agent involved in the process.

Laura Brady, co-founder and chief executive of Concierge Auctions, said: “Our specialty is creating the ideal environment to pair the world’s most capable buyers with extraordinary luxury properties, and as the largest private island in the Bahamas, Little Ragged Island is no doubt extraordinary.

“The Concierge Auctions model garners a market-driven sale within a designated timeline — We are a tool to deliver the certainty that traditional real estate models alone can’t. The auction of Little Ragged Island was a great success and one of several tropical destinations we look forward to matching with their perfect buyers this Spring.”

Private island listings during the COVID-19 pandemic have been high as of late with international country music recording artists Tim McGraw and Faith Hill deciding to sell their 20 acre “Goat Cay,” in the Exuma chain for $35m.

Concierge Auctions release continued, “Long before the pandemic forced traditional real estate companies to get on board selling sight unseen, Concierge Auctions hosted virtual tours and online auctions with bidders globally. Since, 2015 our auctions have been held online through our fully digital bidding platform. In 2020, Concierge Auctions’ buyer interest reached an all-time high and the average number of bidders per auction remained strong.

“Concierge Auctions’ ability to pair sellers and the most capable buyers together to auction the most unique properties on the planet hasn’t changed during the pandemic. We already had tools in place to make remote buying and selling of luxury properties easily accessible around the world.

“Concierge Auctions’ experience with top luxury properties means we’re able to reach elite global buyers. The traditional brokerage model does have limitations, especially in luxury real estate. In the rarified air where the buyer pool is limited, Concierge helps to get a market response from an elite pool of global buyers and can accelerate the process with high-caliber bidders and a team of experienced marketers behind each auction to make the most of every sale, which was the case for Little Ragged Island.”