Three Parties Allegedly Bidding on Fire Island Properties

Let the bidding begin!

Nearly one month to the day since EDGE reported that 80 percent of the commercial waterfront district in the East Coast gay mecca resort community Fire Island Pines was going on the auction block, the day has finally arrived. But who will be the lucky suitor who walks away with prize?

Originally listed at nearly $25 million, and later dropped to $19.5 million, the suggested opening bid for all of the properties that include the famed Pavilion nightclub, birthplace of the "tea dance" restaurant the Blue Whale and the Botel hotel, will start in at the staggeringly low bargain basement figure of $8.5 million.

$8.5 million is indeed a steal, but if more than one party is interested, the price could go higher. That's the way auctions work. According to a story published Wednesday by The New York Times, there are at least three parties allegedly interested in snatching up one or more of the properties.

The Times reports that Ian Reisner, the hotelier behind New York's Out NYC hotel, has expressed interest in bidding on the properties.

"Like all resort/hotel owners catering to this audience, I am evaluating the offering, especially since there are potential synergies between the Out NYC and the Pines," he told the Times.

PJ McAteer, owner of the Pines' Sip-N-Twirl nightclub, could potentially score a monopoly on nightlife in the upscale resort community with the purchase of the Pavilion. According to the Times, he was eyeing the properties but declined to confirm whether or not he would be placing a bid.

It will be deja vu on the sands if Eric Von Kuersteiner, the third alleged bidder wins Thursday's auction, as he bought the properties from the original owner John Whyte in 2003 for $7 million and later sold them to Fire Island Pines Ventures for $17 million. With an $8.5 million opening bid, Von Kuersteiner stands to make a hefty profit and score the real estate deal of the century.

The auction will take place on Thursday, January 22 at 1:00 p.m. at the office of the auctioneer in Central Islip on Long Island. The property will be sold free and clear of all liens, claims and encumbrances.�In order to register to bid in bulk, all prospective bidders must present a�cashier's check in an amount of $1 million.

Details on the properties for sale can be viewed on the the auctioneer Maltz & Co.'s website.