Press Room

Auction does the trick for Colony Surf condo

HONOLULU, HI

The Colony Surf condominium unit auctioned by Abe Lee Realty has been sold. The selling price: $1 million plus $20,000.

The auction, held Sunday, brought about 10 potential buyers, according to Abe Lee. Only two put forth a bid, and $1,020,000 in cash -- from a buyer in Nantucket, Mass. -- was the highest and final offer.

The 900-square-foot condominium on the Gold Coast of Waikiki was on auction for a starting price of $1 million.

Some Realtors had doubts about using an auction to sell a property in Hawaii -- several have tried the format for larger homes and estates here, with no luck.

But Lee said after this sale, he would hold a real estate auction again. "It has to be the right unit and the right price," said Lee.

Proceeds from the sale will go to charity, according to the wishes of late Star-Bulletin food editor Harriett Jean "'Rusty" Thomas. Thomas died in 2004, and had lived in the condominium with her late husband, Ernest Thomas, since 1961. He died in February 2003.