NEW YORK, NY (CNN) - The largest privately owned island in the Bahamas has sold at auction for $17 million.
That’s far less than the $55 million list price of the island during a 2011 sale that failed to find a buyer.
So what did the winning bidder get with $17 million for Innocence Island? They scored 681 acres, a private airstrip with its own airport code, a 5,000-square-foot home and so much more.
Auction opened at $6 million, quick hiking up to $17 million.
The island has only known four owners in its history, which underscores how incredibly rare this opportunity really is.
“The seller of this island is very similar to clients that we represent with other properties that we sell across the U.S., as well as around the globe,” said Concierge Auctions President Laura Brady. “So, these are clients who own properties that are very unique. They’re one-of-a-kind, and they’re difficult to value. So when it comes to selling a property like this, you can’t really place a price tag on it.”
The private island ultimately sold for $17 million.
“That was a strong sale,” said Concierge Auctions Auctioneer Frank Trunzo. “We feel as though we fleshed out the market. We knew where we really had to be. We exceeded that, and in terms of what we accomplished, we’re very satisfied.”
Innocence Island’s owner, who is terminally ill, was given permission by his doctors to attend the auction.
The founder of Concierge Auctions says the owner was pleased with the outcome.