Yacht Auction Group Sells Emerald Isle for $2.27 Million

FT. LAUDERDALE, FL - September 18, 2010: Emerald Isle, a 126-foot Christensen mega-yacht, sold for $2.27 million through Yacht Auction Group, in conjunction with J. P. King Auction Company. Through the companies' international marketing efforts, interested buyers from seven countries responded, resulting in over 40 groups touring the tri-deck yacht in a two-week span.

"Mission accomplished," said Marvin Jones, a spokesperson for Ed and Bonnie Harvey, the now-former owners of Emerald Isle. "It's tough to sell a yacht in this market, and we were aware of that going in. We're delighted that it sold for a fair price and in a short timeframe."

According to a market intelligence report from Boat International, only nine other yachts sold in the month, down 48 percent from this time last year.

"I think this proves that the auction method for yachts is effective," said Kelly Drum, president of Yacht Auction Group. "We used an international marketing campaign, and the market responded with interest from seven countries and all over the U.S. The word was out that Emerald Isle was going to sell, the market value was established and we're pleased with the results."

Emerald Isle was built in 1993 and includes high-end amenities and decor, a sky lounge and a main salon that was updated with European fabric, onyx tabletops, a wet bar and Brazilian Honey Teak cabinetry.

"We held an event just for brokers to give them an early preview and provide detailed information to let them know that we pay commission to brokers, and Emerald Isle's buyer was represented by a broker," said Drum. "We're here to provide an effective and fast-paced alternative. We don't want to replace brokers, but to work with them and expand their reach."

Yacht Auction Group was formed in 2002, in an effort to provide the yacht industry with a premier auction provider. The nation's leading real estate auction marketing firm, J. P. King, joined Drum to form a powerful and solution-oriented yacht auction alternative. Drum is also co-owner of Lauderdale Marina, where his family has been involved in the boating industry since 1948.

J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Alaska, Tennessee, Oregon, Wisconsin, Alabama and Wyoming.