Sold!
James River Islands Auctioned

by Jennifer Sparger

On Feb. 22, close to 300 people packed a Richmond auction house to bid on some very unusual property: 39 islands
scattered across a short stretch of the James River.

Located in Goochland County, several miles up the river from Richmond, these islands range in size from 5 acres to
one-hundredth of an acre. Potential buyers were informed that the acreage depends on the water level and that
some of the islands are below water part of the year.

Bidders were not thwarted by this news — or by the fact that ownership of five of the islands was contested at the time
of the auction. According to Tim Dudley, vice president of real estate for Motley's Real Estate and Auction Group, all
39 islands were bid on, and the islands with contested ownership sold for approximately $6,000 per island.

Why would people be willing to buy up the islands, despite the iffy conditions? For most buyers, it was a love of the
great outdoors, to have their own place to camp, fish, hunt, and enjoy watching wildlife.

"Many islands are now being claimed because of the land value and because land that might have been unimportant
years ago has taken on a different perspective. They're great as a recreational opportunity," says George Sydnor,
the Richmond businessman who sold the islands at the February auction.

According to a recent survey from the U.S. Fish & Wildlife Service, wildlife-related recreation is a $108 billion industry
nationwide, 12 percent of which is leasing or buying property for such recreation.

Furthermore, an increase in outdoor recreational hobbies — combined with higher disposable incomes and lower
interest rates — has played a role in creating a niche market for recreational land.

All of the islands sold on the day of the auction, but some buyers decided not to go through with the deal. For
example, one man who took his surveyor out to the river, could not find "his" island and backed out.