The biggest private island for sale in the Bahamas is about to hit the auction block - and there's no minimum bid

• The largest private island for sale in the Bahamas is going up for auction on March 26.
• There's no minimum bid, but the estimated opening bid is $19.5 million.
• The 730-acre undeveloped island has deep water access that could accommodate large yachts.

The largest private island for sale in the Bahamas is hitting the auction block with no minimum bid, Virginia K. Smith reported for Mansion Global.

The 730-acre undeveloped island, known as St. Andrews or Little Ragged Island, is the Bahamas' southernmost and largest privately held island currently listed for sale, according to the listing. It features white sand beaches and deep water access that could accommodate large yachts. The listing notes that the island could be transformed into a private home or a resort with enough space for an 18-hole golf course.

The estimated opening bid is $19.5 million, according to Concierge Auctions, the auction house holding the sale. Bidding opens on March 26 and requires a $100,000 deposit.

St. Andrews has nearly six miles of shoreline, two large ponds, and a forest that includes thousands of coconut trees, according to a previous listing, when the island was asking $35 million.

The island is 10 minutes by boat from the tiny settlement of Duncan Town on nearby Ragged Island, which has an airstrip for private planes. It's about 372 miles southeast of Miami and 223 miles from Nassau, the capital and largest city in the Bahamas.

If someone is in the market for a private island in the Bahamas right now, St. Andrews is not the only option.

Last month, country music stars Tim McGraw and Faith Hill listed their 20-acre private island, on which they built a 6,500-square-foot home, for $35 million. And in the North Eleuthera district, a 430-acre private island that comes developed with five luxury villas, a beach club and spa, and boat docks, is on the market for $45 million.

The pandemic has sparked a rush to buy private island and island properties around the world, Mansion Global reported.

"We are seeing a significant increase in both buyer and seller interest in these kinds of top tier tropical destinations over the past year," Laura Brady, CEO of Concierge Auctions, told the publication. "It's clear that now is the time to find your personal paradise, and even build it."