“Mission accomplished.”
That’s what Marvin Jones, a spokesperson for the sellers of Emerald Isle, said upon the close of the sale last week.
You may recall that Emerald Isle had been offered at auction in August jointly by J.P. King Auction Company, an auction marketing firm, and Yacht Auction Group, which has overseen the sale of boating-related and other luxury assets. Previously, the 126-foot, 1992-built Christensen had been offered for sale through traditional brokerage channels but didn’t sell. Even after the owners spent $2 million to spruce up the interior last year, Emerald Isle didn’t budge. The family turned to the auction market, but that, too, did not work out as planned. The minimum bid at last month’s auction had been set at $2.85 million, but despite offers coming in from a reported seven countries, the highest bid received was $2 million.
Even though the Emerald Isle auction fell short, J.P. King and Yacht Auction Group continued to work with interested buyers and/or brokers. In fact, the person who bought the yacht, for $2.27 million, was represented by a broker, who will receive a commission. (Some auctions reportedly do not pay broker commissions.)
The family that sold the megayacht—and which had owned her since delivery—was not at all upset with the lower price. “It’s tough to sell a yacht in this market, and we were aware of that going in,” Jones conveys. “We’re delighted that it sold for a fair price and in a short timeframe.” Kelly Drum, president of Yacht Auction Group (and who co-owns Lauderdale Marina in Fort Lauderdale), agrees. “The word was out that Emerald Isle was going to sell, the market value was established and we’re pleased with the results.”
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