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Ohio Auctioneers Association
1999 Best of Show
Rattlesnake Island
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National Auctioneers Association
1999 Best Advertising
Rattlesnake Island |
LAKE ERIE, OHIO. Dutton Auction & Realty Co. of Navarre, Ohio accomplished the pre-auction sale of The Rattlesnake Island Real Estate that was originally scheduled to be offered at auction at the Ritz-Carlton Hotel in Cleveland, Ohio on October
10. The Dutton Company revealed that the property had been put under a definitive real estate purchase and sale agreement with closing recorded prior to Thanksgiving. Pre-auction sales occur less than 10% of the time during scheduled auction programs. All properties scheduled to be offered at real estate auction are subject to prior sale under their terms of sale. However, real estate offered through accelerated auction marketing has no asking price. Frequently, the more desirable the asset, the more often a prospective purchaser will make a pre-emptive pre-auction offer.
There had been a considerable amount of interest in the 47 acre private island located just seven miles north of Port Clinton, Ohio, from prospects in both Canada and the U.S. Due Diligence Packages had been distributed to dozens of prospects including a number of highly qualified corporations, investment groups, and individuals. The particular group that made the pre-auction offer to purchase decided to be aggressive as to what they would pay for the property. The final price for the property approached $5 million.
Dutton Auction & Realty Co., represents their sellers in all real estate auction programs under an exclusive right to sell Brokerage/Auction Agreement. The objective of the Dutton Organization as the agent for the seller is to find a purchaser for the real estate. The purchaser for this property was located in 45 days, and the closing of the transaction was accomplished within an additional 40 days. |
Dutton Auction & Realty Company
15 Main Street North - Navarre, OH 44662
Phone - 330-879-5000 Fax -
330-879-2006 |
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