Steal of the Century: Fire Island Commercial Properties Marked Down to $8.5 M Opening Bid


EDGE Media Network Contributor

Monday December 22, 2014

Who doesn't love a bargain?

David R. Maltz & Co. Inc., the premier full service auction company specializing in debt related sales has been tasked with selling 80 percent of the commercial waterfront district in the East Coast gay mecca resort community Fire Island Pines.

Originally listed at nearly $25 million, and later dropped to $19.5 million, the suggested opening bid for all of the properties that include the famed Pavilion nightclub, birthplace of the "tea dance" restaurant the Blue Whale and the Botel hotel comes in at the staggeringly low bargain basement figure of $8.5 million.

If you act now, they'll even throw in two residential homes.

The auction will take place on Thursday, January 22 at 1:00 p.m at the office of the auctioneer in Central Islip on Long Island. The property will be sold free and clear of all liens, claims and encumbrances. In order to register to bid in bulk, all prospective bidders must present a cashier's check in an amount of $1 million.

Details on the properties for sale can be viewed on the Maltz & Co. website.

Bette Midler best describes the real estate deal here in this clip from "Ruthless People."

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