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Bidders find bargains in Cay Club condo auction

Three years ago the condos sold for about $500,000. Last weekend they were lucky if they collected half that much. Financially troubled Clearwater Cay Club Resort & Marina auctioned off 19 bayfront condominiums and 10 boat slips for a total of $3.8-million last weekend at the Hilton St. Petersburg Bayfront. The sale drew 62 registered bidders in a crowd of 200. In all, 26 condos and 20 boats slips were up for auction, with winners coming from Florida, New York, Massachusetts, Great Britain and Canada. Cay Club is a defendant in a lawsuit from angry buyers who accuse developers of running a Ponzi scheme involving overpriced units. Developers insist they were the victims of the slumping housing market.

Bidders find bargains in Cay Club condo auction 06/16/08 [Last modified: Thursday, June 19, 2008 11:01am]
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