As homeowners everywhere watch their properties lose value by the day, Treasury Secretary Hank Paulson's investment in an exotic bird-watching island is reportedly holding up quite well.
From Bloomberg:
Paulson and his wife, Wendy, paid $32.65 million to accrue a majority stake in Little St. Simons Island since 2003, county records show. Property values in the area have risen about 10 percent in five years, said Ann McCann of Sea Palms Realty Inc.
The island has five cabins that rent for $600 to $1,200 a night. Occupancy remains about 70 percent, even with the recession, said Joel Meyer, general manager.
The island, located off the Georgia coast near Savannah, is apparently accessible only by boat. It can be rented out for $8,000 a night, and cabins are often booked solid months in advance, Bloomberg reports. Eagles, roseate spoonbills, oystercatchers, and painted buntings are among the birds that can be found there.
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burner of MD 2:20PM August 07, 2011
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