Gulf County land sells at auction for $5,557,000

GULF COUNTY, FL, Nov. 10, 2005 – J. P. King’s advanced multiple-parcel auction methods demonstrated their power once again as 812 acres sold for $5,557,000.

A crowd of approximately 150, including 26 registered bidders from Florida, Georgia and Alabama, gathered at the Sunset Coastal Grill in nearby Port St. Joe for the auction. Bidding continued for an hour and a half as bidders competed for the land in individual parcels and various groupings of parcels.

Land investor Grable Ricks had decided to sell the land in parcels of approximately 40 to 60 acres each to allow smaller investors to participate. While only approximately 280 acres of the land was offered at absolute auction, Ricks immediately accepted all high bids, resulting in a complete sellout of the land.

Ricks said he was pleased with the sale. “We had a good turnout and accomplished what we set out to do, so I’m very pleased,” he said.

The property is located off Highway 386/Overstreet Road, approximately 10 miles northeast of Mexico Beach. A number of the parcels have frontage on Little Wetappo Creek.

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