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Auction gets few bids for freshwater dive site

The owner of Blue Grotto Springs remains upbeat despite local government officials' lack of interest in its water resources.

By SCOTT BARANCIK
Published December 9, 2005

Wednesday's auction of Blue Grotto Springs, a 100-foot-deep freshwater dive site near Ocala, wasn't the feeding frenzy its organizers expected.

Last month, auction company president William Bone said several Florida municipalities and bottling companies saw Blue Grotto as an untapped source of fresh drinking water. Real estate brokers told Bone the property might fetch in the range of $5-million to $15-million, he said.

But theory met reality Wednesday when seven parties submitted bids. Ed Paradiso, who owns Blue Grotto with his wife, Judy, said he rejected the top offer of $1.65-million. All bidders indicated they were interested in Blue Grotto for its dive business, not the water.

"Apparently when push came to shove, (local government officials) decided not to come," auction group spokesman John Marshall said.

Concern over the origin and extractability of Blue Grotto's water may have been a factor. Although auction ads boasted that the site churns 3-million gallons of water per day, Paradiso's permit restricts him to using 100,000 gallons a day. Some water experts contend Blue Grotto is technically a sinkhole, not a spring.

Still, Paradiso was upbeat Wednesday afternoon. The top bidder, whom he declined to name, had unofficially upped its bid to at least $2-million in postauction negotiations, he said. The bidder suggested Paradiso enter a partnership to own and run the dive operation jointly.

"People ask if I'm disappointed," he said. "Actually, no. It worked out for the better."

Scott Barancik can be reached at barancik@sptimes.com or 727 893-8751.

[Last modified December 9, 2005, 01:18:14]