I never imagined I'd regard a multimillion-dollar property as a bargain, but this island paradise in the South Pacific appears to qualify. The compound known as Rai Ki Wai, on more than 45 acres of land on the highest point of the Fijian island of Wakaya, originally went on the market for $12 million. Its living space totals about 23,000 square feet, spread across several expansive pavilions and three smaller guest "bures" (huts).
After failing to sell at $12 million, the price was knocked down. It sits at $6,950,000 -- and if it still doesn't sell, it's going to the highest bidder at auction Oct. 3. The auction has no reserve -- no minimum bid (though of course the property still very likely to sell for several million dollars). And the property even has potential to actually make money for its owner, the auction listing notes: "Rai Ki Wai can be easily rented as turnkey vacation property through an agreement with the exclusive Wakaya Club & Resort. The resort can provide all the food, housecleaning, and other amenities expected."
Maybe this is how the rich get richer? It seems like a no-brainer, and listing agent Laura Kalb assures me it's an "amazing bargain" that "cannot be duplicated even close to that price." I'm sold. But then, I have the luxury of being profligate with my fortune, since it's entirely imaginary. | By Jennifer Karmon, Yahoo Homes
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