“Horizons” to be flogged for $10 Mil. US, Potential buyers take a peek
Nassau, Bahamas – G. Ben Thompson a South Carolina real estate wheeler-dealer would like to sell this property in Nassau which belongs to, somebody. This is, of course, the infamous last known residence of the late Anna Nicole Smith, now purportedly occupied by her daughter Danielynn and attorney Howard K. Smith. Just who owns the property is anybody’s guess, and may not be known until March 14 when a hearing has been scheduled in Nassau by Supreme Court Senior Justice Anita Allen.
According to Thompson, the house was purchased in October, 2006 for $900,000. Adding to the value, Thompson dropped in a new air conditioner and had some painting and plumbing done. Oh, and lest I forget, the house has been re-keyed a couple of times since.
Why invest in real estate out of the United States? Well, simple – let’s take a look at the numbers. The hottest market state-side right now is hurricane Katrina ravaged Bilox, Mississippi currently experiencing the highest average annual rate of appreciation in the US at 16.1% compared to 4.68% for the Country in whole. At $10 million, “Horizons” has appreciated 1,011.11% in less than six months! Property sellers and Realtors take notice – gotta be the new locks.
So, what do you get for the $10 million? Well, for now, you may not get anything more than the right to purchase, just as Thompson thus far has no more than the right to sell. Worthless? Your call. But, here is some timely advice from Callenders & Company, Counsel and Attorneys who originally represented Thompson when he “bought” the property;
According to their newsletter “Law Alert: Conveyancing Tips” (Bahamian real estate titles) Volume 1, Issue 6, dated 2004, “Any person or registered corporation wishing to purchase Bahamian real property should instruct a local attorney to investigate title to same to ensure its marketability and absence of liens.”
Hmm, sounds like good advice to me. Anybody know a good local attorney? Never mind, one might just be “conveyanced” with the house. Guess clutter is not such a bad thing after all.
“Everybody Is Up To Something.” sm