Bahamas Hopes To Sell Walker's Cay To U.S. Billionaire (VIDEO)

Walker's Cay is the northern most island in the Bahamas, and once served as the gateway to the islands below as well as an extremely popular sport-fishing destination. Currently, the cay sits uninhabited and in significant disrepair.
Author:
Publish date:
Screen Shot 2014-11-20 at 10.35.22 AM

American real estate billionaire Jeff Greene is the latest hope in an attempt by the Bahamas Government to bring Walker's Cay back to life.

In a report published August 20, the Bahamas newspaper, Tribune 242, wrote, "Multiple Tribune Business sources yesterday confirmed that Jeff Greene, an investor with substantial upmarket real estate investments in Palm Beach and New York’s exclusive Hamptons area, is the potential buyer of the northernmost island in the Abacos."

Khaalis Rolle, the Bahamas minister of state for investments told the Tribune that a potential deal of sale was close and the involved parties are, "going through the normal process of a sale like this."

At 58 acres in size, Walker's Cay is the northern most island in the Bahamas, and once served as the gateway to the islands below as well as an extremely popular sport-fishing destination. Currently, the cay sits uninhabited and in significant disrepair. It is the hope of both Mr. Rolle and the Bahamas government that an investor with the financial heft of Mr. Greene could resuscitate Walker's Cay to its former glory.

Post by John Jenkins.

“I believe it would be great for the Bahamas if it does happen,” Rolle told Tribune 242of a potential sale. “Walker’s Cay, in its heyday, was the most popular boating spot in the Bahamas. When the Abplanalps were there and operating it, that was a boater’s paradise and contributed to a lot of economic activity in that area."

At one point, Walker's even provided the electricity to nearby Grand Cay.

Mr. Greene, the most recent potential buyer, is estimated to have a net worth of $2.2 billion after building a real estate investment empire from the ground up. His company has holdings in Florida and New York.

Some of Walker's many abandoned buildings.

Some of Walker's many abandoned buildings.

It should be noted that Mr. Green is not the first attempted buyer of Walker's Cay and the Tribune's Neil Hartnell reports, "It is still unclear, though, whether the Walker’s Cay deal will close. The island has been on the market since the mid-2000s, but two previous acquisition attempts failed."

Reportedly, the large costs of environment cleanup required to rebuild the island are the sticking point in the previous sales attempts.Walker's Cay was pummeled by hurricanes Frances and Jeanne in 2007 as has been closed since.

Private Islands Online, a real estate website featuring the Walker's Cay listing says the island is equipped with a 2,800-foot airstrip, state-of-the-art electric generating facility, and a marina. In addition to the existing amenities, approvals are in place for a second marina, new hotel and retail space, over 100 residential units, and beach and yacht clubs.

There has been no additional news of the Greene sale since the article originally published.

Walker's Cay is currently listed at $18 million U.S. Dollars.

Screen Shot 2014-11-20 at 10.35.57 AM
Screen Shot 2014-11-20 at 10.36.30 AM
Screen Shot 2014-11-20 at 10.36.19 AM

Related