Gavel Falls on Over $60 Million in Real Estate During Charles Faircloth Estate Auction

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Roebuck Auctioneers saw now sign of a housing slump during the Charles Faircloth estate auction in Panama City Beach on March 14, selling one of the largest land and property holdings in the area's history. The auction drew an estimated 800 people from 20 different states, including New York, California and Washington, and several countries, for the opportunity to buy one or more of the prime gulf front properties owned by the late Faircloth.

Prospective buyers anxiously gathered on Friday, March 14 at Noon, at the Bay Point Marriott Resort in Panama City Beach, as Roebuck Auctions sold one of the largest land and property holdings in the area's history.

The Charles Faircloth Estate Settlement auction drew an estimated 800 people, forcing many in attendance to stand along the walls and in the hallway. Bidders traveled from 20 different states, including New York, California and Washington, and several countries, for the opportunity to buy one or more of the prime gulf front properties owned by the late Faircloth.

For almost three hours, John Roebuck, founder of Roebuck Auctions, Chris Camp, owner of the Florida Division of Roebuck, and a staff of almost 30 people aggressively went to work on behalf of the Faircloth estate. In the end, close to 150 separate parcels in Bay County were auctioned bringing in an estimated $60 Million in contracts.

"While the country is currently experiencing a major housing slump, you would never know it based on the attendance and enthusiasm at this auction," said Roebuck.

Roebuck noted, "The centerpiece of the auction was an 8.1 acre gulf front development known as Legacy that boasts an incredible 860 feet of frontage on the Gulf of Mexico. Legacy, which has a Development Order in place for a 30 Story, 688 unit condo project sold for just over $30 million." Three other gulf front developments were also offered at the auction including The Breakers, a 1.8 acre development on Front Beach Road that achieved a high bid of $6.27 Million.

Camp, the auctioneer for most of the auction, also offered gulf front lots, townhomes, single family gulf front homes and luxury condominiums, including 10 units in the popular Treasure Island condominiums.

"The Faircloth family was extremely pleased with the professionalism and the marketing efforts that drew such a great crowd. They knew that they had made the right decision to use Roebuck Auctions over several other auction companies they had talked to," said Camp.

Camp added, "I couldn't be happier with the outcome of this auction. The Faircloth family put a lot of faith in Roebuck Auctions to make this event a success and we had no intentions of letting them down. It's always nice when your sellers are happy, but it makes you feel twice as good when bidders come up and thank you after the auction. Happy buyers and happy sellers...it doesn't get any better than that."

"A nice touch to this event was the presence of the family pastor who blessed the auction. Also in attendance was one of Mr. Faircloth's favorite charities, The Boy Scouts of America Troop 300. Thank you to all those who honored him by also donating to the boy scouts at the auction," said Roebuck.

Roebuck Auctions is a full service real estate auction marketing firm, headquartered in Memphis, TN with offices in Destin and Panama City, FL. Roebuck Auctions has been conducting real estate auctions throughout the United States for over 30 years. For more information please contact Roebuck Auctions, 850.654.6000.

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