Newly-independent MP Kenyatta Gibson is the attorney for an investor group seeking to acquire an Abaco island, which has been long-renowned as the first boating stop in the Bahamas for the Florida yachting set, in a deal thought to be worth $20 million.

Sources close to the situation told The Tribune yesterday that the investors, who are thought to be from the US, had signed a sales agreement to purchase Walker's Cay, the northernmost island in the Abacos chain, which features a resort and marina complex.

The Tribune was told that to close the purchase, the investors were waiting on the necessary permits and approvals from the Government. As internationalpurchasers, they will have to comply with the International Persons Landholding Act, which means they will need to obtain permits from the Investments Board. In addition, approval from the National Economic Council (NEC), which is really the Cabinet, and the Central Bank of the Bahamas on exchange control will also be required.

When contacted by The Tribune yesterday, Mr Gibson, the MP for Kennedy, confirmed he was acting for the potential purchaser of Walker's Cay, but said he could not say any more without the permission of his client. "I do represent them, but I need to get the permission of my client to discuss that at all," he told The Tribune. "I do represent a party that intends to purchase Walker's Cay."

The websites for Bahamian realtors ERA Dupuch Realty and Damianos Realty both confirmed that Walker's Cay was `under contract', meaning that a sales agreement had been signed and deal in principle agreed. All that remains now is for the purchase to be closed.

Both websites said the sellers, the Abplanalp family from New York, who invented the use of precision valves in aerosol cans, via their Precision Valve Corporation.

Prior to his taking office, the Abplanalp family was represented by Prime Minister Ingraham and his law firm.

A US-based resort developer, Cay Clubs & Resorts, saw its attempt to purchase Walker's Cay - first announced in early 2006 - fall through last year. It is understood that a key factor in the deal's collapse was the likely costs of the environmental clean-up work required on the island, which was devastated by Hurricanes Frances and Jeanne and has effectively been closed ever since. All the buildings were left in various stages of disrepair.

Walker's Cay has the strategic advantage of being the northern most island in the Bahamas, thus making it the first stop-off for US boaters and yachtsmen as they move down the Abacos chain - already a well-known destination for this market. The island has a world-famous reputation among boaters and sportsfishermen, with television programmes previously featuring activities such as shark feeding on the island.

Some 80 per cent of the world's game fishing records were held by boats who had come from the 100-acre Walker's Cay.
The 71-room Walker's Cay Hotel & Marina, which has 62 guest rooms, three villas, and the three-bedroom Harbour House was heavily damaged in the 2004 hurricanes. Apart from the 2,800 foot airstrip, Walker's Cay houses the Conch Pearl and Lobster Trap restaurants, two bars, the Treasure Chest gift shop, the Sea Below Dive Shop, freshwater and saltwater swimming pools, tennis courts and a 75-slip marina. The hotel is 50 feet above sea level, and the island provides access to both shallow water and deep water fishing, with boaters in deep water within minutes of leaving.

Source: The Tribune