Empty Biscayne Bay lot will hit auction for $19.9 million

One of the last remaining empty tracts of land on Biscayne Bay will be auctioned off at a starting price of $19.9 million later this month — and bidders will have to put down a deposit of $2 million just to get a seat at the table.

The winning buyer must pay the final price in all cash.

Auctions have an advantage over a traditional listing for some sellers, said Lamar Fisher, president of the Fisher Auction Company, which is handling the sale.

“Certain ownerships want to not go through a long period of due diligence or a retread in price,” Fisher said. “They’d rather let the market speak for the property.”

The 8.16-acre property, with an address at 11295 Biscayne Boulevard, was once the site of the private Lear School and is zoned for mixed-use development. It has 200 feet on the bay and 300 feet on Biscayne Boulevard, Fisher said.

The owner, listed as Jockey Segal LLC, bought the parcel for $8.2 million in 2012, several years after it went into foreclosure, property records show.

The auction will take place March 31.

This story was originally published March 10, 2015 at 2:56 PM with the headline "Empty Biscayne Bay lot will hit auction for $19.9 million."