Two Wall Street financiers locked horns and bid each other up in a face-to-face auction for an overgrown 1,885-foot-long strip of land, just 1 foot wide, running through the dunes to the sea, a local official on Long Island said Thursday.
The winning bid was $120,000.
Which is a bit over $2.7 million per acre, a ton of money even in the Hamptons. This is the part that gets me, though:
[T]he strip of land in Napeague, in East Hampton, had been acquired ten years ago by the county for non-payment of taxes by the owner.
The county decided to sell it off for just $10 and offered it to the owners of six adjoining properties. Four did not respond.
And the other two got into a bidding war. Sheesh.
I am forced to conclude that the winner, an investment banker, owns the distribution rights to pre-sliced, rustproof, easy to handle, low calorie Simpson’s Individual Emperor Stringettes, free from artificial coloring, as used in hospitals.
(Via Bayou Renaissance Man.)