SAN FRANCISCO, Sept. 22, 2016 /PRNewswire/ -- After six weeks of international marketing and on-site property tours, five registered bidders gathered in the dining room of the East Ranch estate in Mendocino County's Redwood Valley on the evening of September 17, to participate in a live auction sale with the hopes of becoming the property's new owner. After approximately 15 minutes of rapid-paced bidding, the property was sold. The sale was managed by Miami-based auction house Platinum Luxury Auctions, a firm that specializes in the non-distressed auction sale of multimillion-dollar properties on behalf of their affluent owners. Real estate brokerage Dreyfus Sotheby's International Realty served as the broker of record for the sale. Listing agent Chris Iverson represented Dreyfus Sotheby's in the transaction.
While the sale price will not be released until closing - which is scheduled for thirty calendar days from the auction date - Platinum and Sotheby's stated that the figure "more than doubled" the auction's $3 million reserve price, and was well in excess of the seller's expectations. Prior to the launch of the auction process, the property had been listed for $8 million, but sat on the market for more than 18 months without a viable offer. "I really applaud all of the parties on this fantastic sale," stated Trayor Lesnock, Platinum's president and founder. "We had very receptive sellers who allowed our team to guide them through the luxury auction process, and Chris Iverson is perhaps one of the best agent partners with whom we've had the pleasure to work. It was a true team effort."
Located in California's Mendocino County, the East Ranch is within a 2.5-hour drive of the heart of San Francisco, and less than one hour and 45 minutes from Napa Valley. Known for its natural beauty, parks, beaches, and more than 570 wine vineyards - many of which are still operated by second or third generation families - Mendocino is a charming area that feels worlds away from the static of city living.
Although the East Ranch is a working farm, life on the ranch is not exactly "roughing it:" the property includes a luxurious, Victorian-inspired residence which offers nearly 7,500 sq. ft. of living space, 5 bedrooms, 4 full and one-half bath. The residence was custom built in 1997, and has been meticulously maintained throughout the years. "I did not see one settling crack, scratch, or other defect in the entire residence. The seller's care for the property is simply exceptional," said David Ashcroft, Platinum's director of business development and a manager for the sale.
Adjacent to the main home is a 3-car garage, which includes a beautifully finished office/studio, which adds another 760 sq. ft. of living space and one half bath. Additional features include a gazebo, a 4,900-sq.-ft. barn, 40,000 sq. ft. of manicured lawn, three rock wall flowerbeds and nearly 1,600 plants and shrubs.
During its marketing process in advance of the auction sale, Platinum reported that it received more than 39,870 international visitors to the property's dedicated webpage and fielded 74 bona fide inquiries. The buyer of the property is reported to be an experienced real estate developer from the San Francisco area, who intends to use the ranch as a weekend retreat for his family.
Those seeking more information on this sale may contact Platinum Luxury Auctions at 800.262.5132. Additional details are also available at CaliforniaLuxuryAuction.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 $510 million in luxury real estate auction sales to date, while consulting on more than $1.8 billion in additional luxury properties worldwide. The firm is responsible for developing the luxury auctionSM model for high-priced real estate auctions.
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SOURCE Platinum Luxury Auctions