BAY MINETTE, Ala. — Speculators brought a sea of cashiers’ checks to Bay Minette last week for the annual delinquent property tax sale of 2,588 properties with $3.2 million in outstanding taxes, according to Baldwin County Revenue Commissioner Phil Nix.

By the conclusion of the four-day sale, Nix had collected $39 million in overbids from investors eager to take advantage of a state law which offers 12 percent simple interest for tax sale overbids up to 15 percent of the fair market value.

To redeem properties, owners must pay actual taxes, penalties and accrued interest from the overbids.

Nix said 1,787 properties were sold, while the remainder went to the state for sale or return to owners if taxes and penalties are paid.

The largest individual overbid was $601,000 for a residence valued at $5 million on Main Street in Montrose. Nix said the property recently changed ownership and that the tax bill was $27,000.

“There were several excess bids over $100,000 for high-end properties,” Nix said. “Most of those were around the Gulf.”

Nix said some of the properties were redeemed by actual owners during the sale and were not subject to overbids.

After finalizing paperwork, the 12 percent interest will be enacted. Nix said he would present a $39 million check to the Baldwin County Commission early next week which will be placed in an interest-bearing account. Any monies generated will be used at the Commission’s discretion.

Nix said he expected a stream of property owners to immediately begin redeeming properties to avoid the stiff interest penalties.

Meanwhile, the Baldwin County Board of Equalization continues to hear tax protest cases and should conclude hearings by the end of July, Nix said.

More than 18,000 county property owners filed initial appeals this year after receiving tax bills due the first work day in January.

Nix said Tuesday that some cases were resolved when property owners withdrew their protest, or in informal hearings prior to going to the BOE.

“The BOE has heard about 8,000 cases, and 11,000 ended up going before the board,” Nix said. “The Fairhope Single Tax Colony has another 3,000 properties, which is one, mass appeal.”

Properties which have not been evaluated by the BOE were not included in the delinquent tax sale, and are excluded from penalties and interest until BOE rulings.