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THATCH CAY GOES UP FOR AUCTION ON EBAY

Jan. 6, 2003 – With no offers through more traditional avenues on his listing of Thatch Cay, Shep Barrows at John Foster Real Estate took to eBay on Monday in an effort to sell the 230-acre island about a mile off St. Thomas's Coki Point via the Internet.
The listing is through the auction market group According to Hoyle Auctions, and yes, Barrows had at least one serious bite the first day. "I'm showing it tomorrow," he said late Monday afternoon.
Bidders have until Jan. 16 to make an offer. As of late Monday, none had been recorded on eBay.
While eBay lists the minimum bid as $1 million on each of three parcels on the front page and $2 million on an inside page, Barrows said the owner is looking to get $7 million for the entire island. Alternatively, he'll sell two 57-acre parcels for $4 million each and the remaining 115.8-acre parcel, on the cay's eastern end, for about $5 million.
According to eBay, the property, zoned Residential-1, is worth $22 to $25 million.
Barrows said Thatch Cay has been on the market for several months. He said a California resident, Scott McIntire, has an option to purchase the property from the corporate owners, Thatch Cay LLC, but wants to use the money instead for other investments. "He needs to get his money out," Barrows said.
Parcel 1 has 57 acres on the west side of Thatch Cay and can be divided into six parcels. It features a cove and trees and at its highest is 160 feet above sea level.
Parcel 2 has 57 acres in the island's middle section. It, too, can be divided into six parcels. It also has a cove and trees. Its highest elevation is 320 feet above sea level.
Parcel 3 has 115.8 acres and has a beach and trees. It can be divided into an unspecified number of parcels. Its highest elevation is about 482 feet above sea level.
The undeveloped island has no dock. Barrows said the best way to get there is by "personal watercraft," which can get right up to the shore in shallow water. Using a larger boat, you would have to swim in.
The real estate prose describing Thatch Cay borders on breathless:
"Lying one mile off the coast of St. Thomas, U.S. Virgin Islands, Thatch Cay offers over 237 acres of windswept, sun-drenched paradise. The island faces south overlooking the Caribbean Sea towards several of St. Thomas' most distinguished bays and beaches. To the east, lie breathtaking sunrise views of nearly all the British Virgin Islands." That's information found by clicking through the eBay Web site.
The information indicates that Thatch Cay is "ideal for the development of a select few luxury estates or a boutique resort."
According to eBay, the cay is "the last truly Virgin Island." However, it's not the only one for sale. If you keep clicking, you'll learn that 150-acre Hans Lollick, off St. Thomas's North Side, and 157-acre Great St. James, off its East End, are for sale for $25 million each. The 8-acre Great Dog in nearby British Virgin Islands waters is on the market for $5.5 million. These islands, however, are not up for auction on eBay.
Bids for eBay are only taken online. Thatch Cay bidders can make offers on one, two or all three parcels. To submit a bid, go to the eBay Web site and do a search for "Thatch Cay."
To see what the John Foster online listing looks like, visit the USVI Real Estate Web site.

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