One of the last remaining empty tracts of land near Biscayne Bay in South Florida will be auctioned off at a starting price of $19.9 million on March 31. The 8.16-acre property with an address of 11295 Biscayne Boulevard was once the site of the private Lear School and is now zoned for mixed-use development.
Interested bidders will have to put down a deposit of $2 million just to have a chance, and the winning buyer must pay the final price in all cash. Fisher Auction Company is handling the sale, and according to its president, Lamar Fisher, auctions have an advantage over a traditional listing for some sellers.
As told to Miami Herald, Fisher said, “Certain ownerships want to not go through a long period of due diligence or a retread in price. They’d rather let the market speak for the property.”
The owner, listed as Jockey Segal LLC, bought the parcel for $8.2 million in 2012, several years after it went into foreclosure, property records show.