Subscribe

Taking the bids to the beach

If you've ever been to an auction you'll know they can reach fever pitch in a matter of seconds. And everyone knows that when you're planning to bid, it’s wise to come prepared and know your limit.

Otherwise you could end up paying well over the reserve, as did two Manhattan financiers recently when a bidding war broke out over a tiny strip of land near their beachfront properties.

The 1,885-foot-long lot is actually only 1 foot wide, and was intended to sell for $10, however according to Newsday, the two bidders had bigger plans for the land that bordered their beach houses. An initial offer of $10 from the local county sparked their interest, and so a private auction was arranged to start at $1,500.

After 34 bids, the price settled at a whopping $120,000.