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Whitter Village, Ironshore Golf Club goes to auction

Land portfolio up for sale includes 19 other properties

Thursday, January 23, 2014

THE Whitter Village and Ironshore Golf and Country Club in Montego Bay are up for sale.

The two properties, which are owned by the estate of the late and iconic businessman Joe Whitter, who died last August, are being sold along with 19 other properties in Montego Bay and Port Antonio in an auction that has a February 12 deadline for submission.

US-based Diliberto Real Estate and Trans Caribbean Jamaica Limited, which are handling the sale, said that they "are pleased to offer a rare, one-time-only opportunity to name your price for this unique Jamaica portfolio".

No minimum prices were set, but the information package on Diliberto's website said that the portfolio had residential assets originally priced at US$500,000 and resort assets at US$750,000.

Ironshore Golf Club was originally appraised for US$22 million, while Whitter Village's phase one construction reportedly totalled US$40 million five years ago.

The upscale, 245,000-square-foot shopping centre located in Montego Bay, which has 92 shops, has the potential to earn gross income of US$2million annually, according to the sellers.

"The estate seeks a sale and closing in the first quarter of the year so it may redirect its resources towards a path of continued growth," According to the late land baron's widow, Angella Whitter.

In all, the properties, excluding the Whitter Village, are spread over 1,130 acres of land, which includes a 200-acre property in St Margaret's Bay, Port Antonio — that is suitable for residential home site — as well as a 700-acre property in Johns Hall (seven mile
outside the town centre of Montego Bay).

"(Johns Hall) is ideally suited for health tourism, nursing home, private school facility, eco-tourism, farming and processing facility, etc," said the information package for the auction. "Property has its own river and spring and was once used as a small hotel
consisting of 34 rooms and a swimming pool."

The deadline for a bidder's submission of the proposed non-conforming modifications to the contract shall be Wednesday, February 12, 2014.

The seller will respond with their acceptance or rejection of the proposed modification no later than Monday, February 17, 2014.

The bids must then be submitted to Diliberto Real Estate Services in Chicago on or before February 19 at 4:00 pm.

Payment in cheque or wire transfer equivalent to five per cent of the total purchase price are to accompany bids, and if successful the bidder will have to pay an additional 12 per cent within five business days of acceptance.