Several real estate sources are saying it's a done deal. One of them, Pia, posted on TripAdvisor on New Year's Day, "Maho Bay Campground has been sold and the purchase was completed on December 27th 2012 :(."
Selling price is said to be $13.9 million. The original asking price for the north shore, waterfront property was reported to be $23 million. That was reduced to $19.5 million in May of 2012. But after reading this post, Mahoviews said, "The original asking price was $32 million, which is about right for St. John standards……selling for about 1/2 the asking price."
The buyer has not been identified. A comment on TripAdvisor was posted by Melia: "Rumor has the purchaser a wealthy individual with a strong interest in preservation." Fact, fantasy or wishful thinking – no one knows for sure.
Closing time for Maho Bay Campground is about 135 days away. The founder, Stanley Selengut, opened the eco-friendly resort 37 years ago but wasn't been able to extend his lease beyond May 15, 2013. So, time’s up, and he’s preparing to close.
Late last week, the St. John Source quoted Maho’s manager, Adrian Davis, saying something’s up. He told the online news site buyers have been doing due diligence in the form of environmental impact studies and surveys. He knows no details, only that “It’s extremely close to changing hands.”
There were no names being mentioned, and there is no talk of what kind of development might be proposed.
The original asking price was $32 million, which is about right for St. John standards……selling for about 1/2 the asking price.
The timing may indicate the purchaser may have been a U.S. citizen due to the tax situation changing in 2013. Since charitable deductions from wealthy individuals will be impacted by the tax increase that just happened some were looking to get their donations made before the year ended. But, if the person was doing it for that reason, was there enough time between the sale date and donation date. This is all conjecture of course. I hope the new tax increase and the itemized deduction cap they’ve now placed on higher income folks won’t hurt charities too much (it will hurt). Charities have already taken a hit from the bad economy.
This a copy of a press release from Maho bay sent out on Tues 01/01/2013 @ 19:25 so it is official:
Dear Campers, Staff and All Interested,
We have just discovered that the property which Maho Bay Camps sits upon has officially been sold. The only information that has been released, is that a direct sale to an unknown buyer took place on 12/27/2012 for $13,950,000. No one is releasing any more details. We do not know who they are or their intentions. All we know is that we are only taking reservations until we close on May 15, 2013. We will continue to update you as we find out more.
We hope you have a blessed New Year and get to come visit us one last time.
For reservations please call 1-800-392-9004
I heard from someone who was close to the source that it was a person (not a big corp) and it will be used as a private residence. Fingers crossed that this is true!!
The times, they are a changin’…
I’m coming to Maho one last time may 1st. My hope is also that the new owner will use the land for a private residence and I pray for that !! Don’t want to see any more condos or hotels on St. John !!! I love this precious island !! I think big Maho beach will continue to be accessesable to the public ? Well we shall see