The reserve price for the auction of The Ritz-Carlton, Grand Cayman, and associated properties has been cut by 26 per cent, and now stands at US$177.5 million.
In addition to the resort, the auction now also includes 136 acres comprising the Blue Tip Nine golf course and future development land, according to an updated document from US real estate investment banking firm Eastdil Secured.
RE/MAX broker/owner Kim Lund said the reduction of the reserve price from an initial US$240 million indicates vendor RC Cayman Holdings is becoming more serious about selling the property.
Mr. Lund said the new “Terms and Conditions of Auction” was sent out late last week.
Along with the reduced floor bid for the resort, the advance deposit has been lowered from US$12 million to US$8.875 million, which prospective bidders must contribute by noon today.
The public auction is set to take place 31 October and is by far the largest real estate auction in the history of the Cayman Islands.