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Press Release: Idealight
January 15, 2003
SAN DIEGO, CA -- Idealight International, a luxury property developer and venture holding company (Idealight.net/),
announces a new closing bid time for its online auction of Thatch Cay, the last privately held, undeveloped U.S.
Virgin Island. The property will now be available on eBay Real Estate's land category (www.ebay.com/land), through Thursday, January 16, 2003 until Noon EST.
There have been over 150,000 hits on the island's eBay auction page and over 150 parties have registered for bidding
information on the Sotheby's affiliate site. Interest is coming from all over the globe, including Japan, Norway,
Iceland, America Samoa, Niger, Brazil, Mexico, Canada, New Zealand, Germany, Sweden, Finland, Spain, Russia, China,
Australia and both the U.S. and British Virgin Islands, with several parties actually touring the island on foot.
Historically, interest for online auctions comes toward the last days of bidding, but Thatch Cay saw high interest
in the first two days, receiving more than 30 bids on the three different parcels. The most interest has come for
the largest parcel (both twice the elevation and acreage) that doubled in price and was the first parcel to reach
the $2 million minimum bid on its first day online. This parcel alone already constitutes the largest sale price
on eBay for a piece of real estate, topping a US military missile silo converted to residential and retail space
that went for $2.1 million. The total for the three different parcels has already reached $3.5 million, nearing
the highest eBay bid on any item of $4.9 million for a US Gulfstream II jet.
In the event that the entire island does not sell in auction, Idealight will offer limited partnership investments
to qualified bidders starting at $100,000, giving smaller investors the opportunity to get a piece of paradise.
John Foster Real Estate, a Sotheby's International exclusive affiliate, is managing the listing, which is being
marketed through Florida-based auction marketer, According To Hoyle (www.according2hoyle.net).
Proceeds will benefit Manifest Destiny, a youth mentoring organization founded in New York City in 2001.
Thatch Cay is a rare and highly unique opportunity for both developers and investors. As a US territory, property
ownership falls under US jurisdiction, providing owners a level of security not guaranteed in any other Caribbean
nations. In addition, the US Virgin Islands' autonomous relationship with the IRS and continuing beneficial legislative
acts provide unequalled tax incentives, making Thatch Cay a compelling investment opportunity for anyone wishing
to protect their assets and minimize corporate and personal income tax liability.
Thatch Cay has 237 acres of pristine terrain that can be developed into a private estate community, exclusive resort
or corporate retreat while preserving the natural beauty of the island and minimizing impact on the environment.
With a nearly 500-foot elevation, Thatch Cay has unobstructed views of nearly every island in the Virgin Islands
chain and conveniently sits just 1/2 mile north of St. Thomas, strategically located just hours away by air from
most major cities in the Western Hemisphere. From the St. Thomas' international airport, Thatch Cay is a 20-minute
taxi ride and then 10 minutes by water taxi to a remarkable private paradise. Thatch Cay's main beach and planned
marina are less than one mile across the water from St. Thomas' popular and renowned Coki Point marine dive center
and beach.
About Idealight
Idealight International Incorporated is an international venture organization made up of six divisions. The Luxury
Real Estate Development & Corporate Tourism division participates in unique development projects with a specific
target market and rare opportunity. It leverages Idealight's international network's intimate knowledge of highly
attractive property locales, both in cosmopolitan and remote areas of interest. Idealight possesses a unique ability
to call together a broad array of distinguished architects, designers and contractors along with access to financial
sources specializing in real estate development. These ingredients coalesce in Idealight's recipe for developing
the most attractive hotel and service projects in niche adventure and luxury destination markets. Other current
projects include developments in Coastal Peru and Baja California, Mexico.
For more information about Idealight's upcoming offerings, email info@idealight.net. For more information on bidding
rules, escrow and other all other aspects of the auction, contact Bill Hoyle at 1-877-75HOYLE, 941/255-7236 or
info@according2hoyle.net.
----------------------------------------------
Contact:
Contact: Rita Tennyson
Company: The Terpin Group
Voice: 310-821-6100, ext. 104
Email: rtennyson@terpin.com
Contact: Michael Azzano
Company: Cosmo PR
Voice: 415-652-8449
Email: michael@cosmo-pr.com
Source: Idealight