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Cape wins bid for 652 acres of foreclosed property at auction

City to pay $13 million; assessed value is $20 million

April 9, 2012
Island Reporter, Captiva Current, Sanibel-Captiva Islander

The City of Cape Coral won the bidding for 652 acres of foreclosed property, most of which is located north of Pine Island Road.

The city's winning bid was $13,080,100 plus fees. The bid was $100 over the hidden reserve established by the bank. The "lot" contained 491 properties, which can be used for public works projects, including retention ponds, lift stations and stormwater projects. Properties also potentially can be used for future parks or fire station needs.

The properties had an assessed value of about $20 million.

City Council authorized city staff to participate in the auction during a special public Council meeting on Friday morning.

Source: City of Cape Coral

 
 

 

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