November 13, 1886 — Development of Coronado Island
Once the town of Coronado was established, it was time to attract residents, so Babcock and Story held a very well-publicized land auction, which attracted a reported 6,000 people. 350 lots were sold during the auction, raising about $100,000. By June 10, 1887, Coronado lot sales had reached the $1.5 million mark. The grand total would eventually reach $2.25 million.