By Paul Ivice
Originally published 06:37 p.m., August 14, 2010
Updated 07:53 p.m., August 14, 2010
INDIANTOWN �Real estate representing more than one-tenth of the town’s area was sold at auction Saturday for about $4.2 million.
To the relief of at least most of the 100 or so people who attended the three-hour auction at the historic Seminole Inn, most of the 16 buyers of the 46 parcels live or work in Indiantown.
The 525 acres, in 46 parcels that included residential, commercial and industrial sites, had been part of the estate of the late Robert “Bob” Post Jr., who died in 2007. The auction was part of a settlement of a lawsuit involving Post and the family that sold him the property about five years ago when the real estate market was at its height.
Palm City-based auctioneer Elliot Paul said, “The sellers are happy, the plaintiffs are happy, the defendants are happy and the buyers are extremely happy.”
Real estate broker Rick Hartman said, “Most of the property was bought by local people who want to see something happen, have a vested interest and love Indiantown.”
Hartman and his brother Peter own Hartman Real Estate, which was the listing agent for the properties before the auction and is a partner with Elliot Paul & Co.
“I think it’s fantastic that the property is in the hands of people who will have an opportunity to do something with it,” said David Powers, an Indiantown native and a principal of the Indiantown Realty Corp.
Scott Watson, owner of the Indiantown Marina and a Goodyear tire store, bought a nine-unit apartment building on Southwest 151st Street with a $250,000 bid but lost out in his attempt to buy a site zoned for residential just north of his marina.
Watson had the high bid at $225,000 on the 47-acre site, but once high bids were established for that and three other adjoining parcels, the four properties were combined into one sale for $895,000 to Consolidated Citrus L.P., which claims to be the nation’s largest citrus grower.
“If I couldn’t get it, I’m glad they got it,” Watson said. “They’ve been very good stewards of their land, we believe they have the community’s best interest first and foremost and they have the wherewithal to develop the property if they choose to do so.”
The 139.8-acre Indianwood Golf Course and the 8.4-acre Community Shopping Center were among 13 properties sold with a minimum acceptable price unknown to the bidders. The golf course fetched a high bid of $400,000 and the shopping center drew a bid of $340,000. The final sale prices were negotiated after the auction, resulting in an additional $100,000 coming from the buyers, though Paul declined to break down which buyers paid more than their bid.
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