The Tribune

More than two dozen high-net worth individuals or their advisors are expected in Nassau today to preview two waterfront Paradise Island properties set to be auctioned later this month.

Both residences, valued in the millions of dollars, are located in an enclave known as Beach House Villas. Situated on the western end of Paradise Island, each comes with a pool, dock, fitness facilities and concierge services - plus a captain and private boat at the owner’s call.

Because the villas - one with more than 5,000 square feet of space, and the other at just over 3,000 square feet - are accessible only by water or on foot after a lengthy walk from Atlantis, potential bidders and agents who have reserved space for the preview event will be taken by yacht to the site.

The online auction will then go live on January 29 via the Concierge digital marketplace, and reaches its peak on January 31 with a live bidding process at The Phoenician in Scottsdale, Arizona, one of that state’s top resorts.

Villa One was originally listed for sale at $8.495m. At auction, it will sell with a $4m reserve, but Concierge business development executive, Danny Prell, thinks the final bid will be well above this amount.

“It’s hard to find a more stylishly and beautifully-designed home in a more alluring setting in The Bahamas,” Mr Prell said. “Paradise Island remains one of the hottest high-end sales markets in the Western Hemisphere because its offerings are unique and unparalleled.

“Where else can you call home where you have a resort like Atlantis with all the entertainment with famous celebrities and athletes, fine dining, sports, golf, tennis, swimming, fishing, boating, gaming, water park, shopping and spa facilities at your fingertips, and a ten minute walk down the beach you are in your own secluded luxurious enclave with a boat and captain awaiting your call if you want to go across the harbour to historic Nassau? This is the stuff fantasies are made of.”

The second villa will be available for auction at the same time. That will go to the highest bidder without reserve. That the two properties are being auctioned instead of offered through more traditional marketing means is an indication of the growing role of specialised auction firms in selling high-end properties.

Auction specialists such as Concierge Auctions, Mr Prell said, focus on creating and combing databases for investors with an appetite for luxury properties.

“The high net worth individual or sophisticated corporate entity looking at a multi-million dollar property in Scottsdale may also be viewing properties to be sold at auction in The Bahamas, California, New Mexico or Costa Rica,” he added.

“They are not like you or me, searching for a nice three-bed, two-bath home with a double garage in a quiet neighbourhood. They are looking for sound investment in a safe environment that affords the kind of lifestyle that, if you offered it on Airbnb, the going rate would start at $15,000 a night. These are sophisticated buyers who want to pursue interests in the elite properties of the world and that is our specialty.”

By the time HG Christie signed with the owner of the two villas on Paradise Island, and teamed up with Concierge for the auction process, Mr Prell had a database of 600 names. Many will receive a phone call or personal note over the next few weeks leading up to the opening of the digital marketplace.