Well I really seem to have jump started Bermuda Network News, with them producing some original reporting today, that the MEF Group has put a bid of $45 million in for the Spanish Point Boat Club, and rewriting a couple of old press releases.
A cynical reader of mine suggested the following:
To prove you wrong, he called Dale and got a scoop about MEF wanting to buy Spanish Italian Point Boat Club. It's a real media outlet, see!
Well, maybe, but $45M is a big number. A really big number.
I suspect they're missing a decimal place in there somewhere or I'm in the wrong business. $4.5M sounds more like it to me for an opening bid.
Let's do a little math.
SPBC is a nice piece of waterfront property, and I can see why MEF would be interested, but it's not more than 2 acres I don't think, so it's hard to see how it gets valued at $45M.
Last I heard an acre in Bermuda is worth about $2M, more for waterfront, so that would be a rather hefty premium.
I know they mark up their wine, but you can't mark it up enough to make those numbers work.
As someone said to me today, Southlands didn't even sell for $45M.
But this is the same site that reported that 5,000 people attended a PLP pre-election rally (that would be about 1 in 8 registered voters) before lowering that number somewhat.
Posted by Christian S. Dunleavy