The 237-acre U.S. Virgin Island, Thatch Cay, will be up on the auction block next month with a starting bid of $18 million.
The island, located a half-mile off the east coast of St. Thomas, was listed for sale in May 2004 at $18.6 million, and was listed at $24 million when it expired from the St. John Multiple Listing Service on May 23 this year. Thatch will be featured in Sheldon Good & Companys International Island Auction on August 10, when private islands off Belize and Papua New Guinea will also be auctioned off. Thatch is the highest-priced island in the auction, which was advertised in the July 2 New York Times Magazine.
Once In A Lifetime Opportunity
Sheldon Good & Company is a decades-old real estate auction firm based in Chicago. The company claims nearly $9 billion in sales during its 50 years in existence, according to its Web site, www.sheldongood.com.
The companys Web site features Thatch Cay, whose owner is listed as Thatch Cay LLC, as a once in a lifetime opportunity.
Surrounded by tranquil, crystal-clear waters, Thatch Cay is a sporting haven, according to the Web site. It rises to an almost 500 peak on its eastern end, and its outstanding marine life includes incredible coral reefs, seagrass beds and an abundance of tropical fish. The protected cove on the south shore of the island provides an ideal location for a dock with its small beach and level land perfect for a dock house and facilities.
Development Alternatives Planned
Thatchs R-1 zoning provides different opportunities to a buyer, from the creation of an exclusive estate to a luxurious high-end residential development.
Thatch Cay LLC has already developed four alternatives for development including, residential, resort and mixed use plans, according to Sheldon Goods Web site. Every plan includes a heliport and dock with eight slips to accommodate boats of up to 40 feet. All of these options represent tremendous potential for profitability as well as the opportunity to create a truly unique lifestyle.
Sheldon Goods Web site offers a link to www.thatchcay.com, an extensive Web site featuring a vision plan designed by St. Thomas-based Thatch Cay architect and planner Robert deJongh.
I envision homes built of indigenous materials, using colors found in the natural environment, says deJongh on the Web site. Structures which will take their energy from the landscape, not impose their energy on it homes that would have the strength and power of the island itself.
Can Be Subdivided
Thatch is currently divided into three parcels a 57-acre parcel on the west end, a 57-acre parcel in the middle, and a 115-acre parcel on the east end. The islands highest peak, nearly 500 feet, is within the 115-acre parcel.
Thatch could be subdivided into residential lots, which under R-1 must be at least a half-acre, and each lot can be developed into six dwelling units total one house and one guest house.
Thatchs Web site advertises its security under the U.S. flag, and its seclusion with easy access to nearby St. Thomas.
Thatch will be offered in a sealed bid auction, which allows the seller more flexibility to review offers when variables other than price need to be considered, according to the Sheldon Good Web site.
Bids for the 237-acre island will be accepted until August 10.