The Real Deal Miami

Gavel falls flat at Tesoro auction

July 09, 2008 10:39AM

There were no sales at the weekend auction of 22 properties in the
pricey Port St. Lucie development of Tesoro, though not for lack of
interest. Low bids kept any houses or building lots from changing
hands. Appraiser Scott Powell, of Stuart, said a four-bedroom home
listed for sale at $3.75 million attracted a high bid of only $1.2
million. Another, a three-bedroom, fetched a $450,000 high bid, though
it’s on the market for $2.15 million. The owners had the right to
reject bids that did not meet their reserve, or minimum, prices.
Celebration-based Ginn Resorts, developer of the 1,000-lot Tesoro
community, has reduced its sales force at Tesoro, Ginn spokesman Ryan
Julison said.