Real Estate

The most expensive home ever sold at auction comes onto the block


Granted, auctions don’t always work. Michael Jordan put his Chicago estate up for auction in 2012, but failed to get his minimum price and is still on the market.

A home in Sands Point, NY, that had been listed for $38 million was scheduled to sell at auction last month but failed to attract enough bidders.

And many of the price drops can be dramatic — making some sellers reluctant to sell at auction. But many of today’s high-end homes, like works of art and collectibles, are unique without real comparisons. So the auction allows them to find a real market price.

“Because of how much inventory there is in the United States priced at $10 million or more, there are a good deal of sellers that may have an over-inflated view of what their properties are worth,” Brady said.

For sellers, auctions give them a chance to sell the property in a fixed time frame. And Concierge’s data-base of over 500,000 potential buyers and sellers and real-estate contacts worldwide gives sellers a bigger buying pool.

Bidding on Playa Vista Isle started Monday on ConciergeAuctions.Com and concludes Thursday night.

Technically there is no reserve, meaning there is no minimum price at which the seller will sell. But Brady said interest is already high on the property with dozens of expected bidders. In order to bid, however, buyers need to wire $250,000 into an escrow account, which they get back or apply to the purchase price if they win the bid.

“This is an amazing property, it’s not going to sell for $10 million or some unrealistically low price,” Brady said. “It cost $100 million to build. The buyers that are coming forward are smart, they understand the value. It’s up to my team top explain what was put into the property, the value of the property and the land, so it’s going to sell at a fair market price.”



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.