CHATTANOOGA, Tenn., April 28, 2016 /PRNewswire/ -- On a beautiful Saturday afternoon in Hixson, Tennessee, nine auction bidders gathered poolside in the backyard of a two-story, lakefront estate in order to place their bids to be the home's new owner. After nearly 20 minutes of live bidding, the property was sold. The auction sale was conducted by Miami-based Platinum Luxury Auctions, in cooperation with Alliance Sotheby's International Realty, the listing brokerage of record for the property. Sandra "Sandy" Poe is the listing agent representing Alliance in the transaction.

Although the property had previously been listed for sale for as much as $3 million, the terms of the auction dictated that the highest bidder above a reserve price of only $1.25 million would be deemed the new owner. While neither Platinum nor Alliance was at liberty to release the price of the sale, the parties noted that the total purchase price "significantly bested" the reserve price, and that the sale will rank as the second-highest on record for the community of Hixson, Tennessee, which is located on the perimeter of the broader Chattanooga marketplace. The sale is scheduled to close in approximately 30 days.

Although Platinum has built a lengthy record of sales within and beyond the United States, Saturday's transaction was the company's first auction in Tennessee. The firm specializes in the marketing and auction sale of multimillion-dollar properties on behalf of sellers who are not in distress. "We're obviously very pleased that our first sale in Tennessee has produced the second-highest price in the history of its community," stated Bradley Pruitt, Platinum's director of business development and the firm's lead manager for the sale. "I expect this to be the beginning of a series of successful auctions in Tennessee."

The 9,700-sf property is situated on approximately one acre, and offers more than 250 feet of frontage on Chattanooga's Chickamauga Lake. The lakeside of the estate features a custom pool with oversized pool deck, a barbecue area, and a private boathouse with two slips, a jet ski lift, and a sun/swimming deck.

Additional features of the property include a landscaped courtyard entry with an Italian bronze water fountain and a large porte cochère, a luxurious master suite complete with his-and-hers walk-ins and an oversized master bath, an indoor waterfall, wrought iron staircases, a theater room, gourmet kitchen, wine room, billiards area, gentleman's pub, fitness center and an 8-car garage.

Leading up to the auction, the Chattanooga media published several stories regarding the extreme affordability of luxury homes located in the broader Chattanooga marketplace (which includes Hixson, the location of the auction property). The stories reported that the highest residential sale price on record in the entire market area is just over $4 million, followed by 6 sales from $3 - $4 million, and 24 sales from $2 - $3 million. As such, the articles subtly speculated that it might be difficult for the auction to exceed its $1.25 million reserve price.

Those seeking additional details on the sale may contact Platinum Luxury Auctions at 800.262.5132 or visit LakeFrontLuxuryAuction.com.

About Platinum Luxury Auctions
Platinum Luxury Auctions specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. The Platinum team has closed more than $452 million in luxury real estate auction sales to date, while consulting on more than $1.5 billion in additional luxury properties worldwide. The firm is responsible for developing the luxury auction^SM model for high-priced real estate auctions.

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SOURCE Platinum Luxury Auctions

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