84 Lake Arrowhead Lots Will Be Sold at Auction

Lot sales are projected at about $15 million when 84 Lake Arrowhead home sites will be auctioned Sept. 8 by Kennedy-Wilson Inc., Santa Monica.

“This is the first time these lots have been offered for sale, and they represent the last major development at Lake Arrowhead,” according to Pat Ellis, project manager for Moreland Development Co., owner of the sites. “Minimum bids average 45% of retail, with a range of $45,000 to $180,000, and the prices include exclusive boat slip rights for single, double or multiple grouped slips,” she added.

The sites at the west end of the lake are in Meadow Shores, a private, gated community, and range in size from 7,185 to 25,440 square feet. Twenty-one lots are on the water and 63 within “easy walking distance,” Ellis said.

While auctions have been a major way of selling real property, this auction is unusual in that the lots have never before been offered for sale, according to William R. Stevenson, president of Kennedy-Wilson.

“The speed of sales by auction and the attractiveness of lower than usual prices serve the interest of both the seller--who wants to realize the early proceeds from the investment--and the buyer--who wants the reduced cost,” he added.

Lots with a normal market value of $100,000 to $345,000 will be offered at substantially discounted minimums, Ellis said. Meadow Shores is at 25747 Meadow Bay Drive, off North Bay Road, reached from California 18 at the Blue Jay turnoff.