On Kauai’s North Shore, a roughly 34-acre property with a private path leading to Secret Beach is headed to the auction market in September.
There is no minimum reserve, meaning that the property will sell for as much, or as little, as the auction dictates. Per the rules laid out by Concierge Auctions, the firm handling the auction, the property is first being listed on the open market for $50 million.
In the past, luxury properties headed to the auction block after failing to sell, but more owners are trying the auction market first, said Chad Roffers, chairman of Concierge Auctions.
Seller Michael Shotey, founder of an electrical products company who owns the property with son Marcus Shotey, said in an email that they are not in a rush to sell but decided to go the auction route because a defined sale date is “enticing.” They are trying the auction market to reach more international buyers and also hope their decision to not set a minimum reserve will drive interest in the sale.
The Shoteys bought the property for $10.75 million in 2012, according to property records.
