Family Behind Ruger Firearms Selling Two New England Estates at Luxury Auction® Sept 7th

Platinum Luxury Auctions Notes Trend in Multi-Property Auctions for UHNW Individuals

News provided by

Sep 05, 2019, 15:18 ET

MIAMI, Sept. 5, 2019 /PRNewswire/ -- As recently reported by Forbes, members of the family who co-founded longstanding firearm manufacturer Sturm, Ruger & Company, Inc. will be selling two properties this weekend via luxury auction. While each property previously had a multimillion-dollar price tag, both will now be sold to the highest bidder without reserve - meaning the highest bid for each home will prevail. The larger of the two estates is located in the ritzy town of Bar Harbor, Maine and was originally asking $15.5 million. The other property, a 110-acre country estate in Newport, New Hampshire, was asking as much as $3.75 million. The sales are scheduled to be held on the Bar Harbor property site this Saturday, September 7^th. The Ruger family retained Miami-based Platinum Luxury Auctions to manage the sales in cooperation with the properties' respective listing brokerages.

Known as East of Eden, this magnificent estate in Bar Harbor, ME will be sold without reserve at a luxury auction on Sept 7, 2019. Originally asking $15.5 million, the property features 9 acres and 1,100 ft of water frontage on Frenchman Bay. It’s owned by members of the Ruger firearms family, and is one of two, Ruger-owned homes being auctioned on the 7th. The family retained veteran luxury real estate auction house Platinum Luxury Auctions for the sales. More at BarHarborLuxuryAuction.com.

Located on 110 private acres in Newport, New Hampshire, this multi-structure, country estate will be sold without reserve at a luxury auction on Sept 7, 2019. The property was originally asking $3.75 million. It is owned by members of the Ruger firearms family, and is one of two, Ruger-owned homes being sold at auction on the 7th. The family retained veteran luxury real estate auction house Platinum Luxury Auctions for the sales. More at NewportLuxuryAuction.com.

Built in 1907 and extensively upgraded and maintained throughout the years, the 15,000-sf residence features grand rooms reminiscent of the Gilded Age, when many of the world’s wealthiest families - such as the Vanderbilts, Rockefellers and Astors - owned homes in Bar Harbor. BarHarborLuxuryAuction.com.

The Ruger family’s East of Eden estate sits on 9 pristine acres on Bar Harbor, Maine’s Frenchman Bay. It offers more than 1,100 ft of water frontage and an illuminated boat dock suitable for yachts and sailboats. The property previously asked $15.5 million but will now be sold at luxury auction without reserve. BarHarbourLuxuryAuction.com.

The 110-acre country estate is located in close proximity to the vaunted “Millionaire’s Hunt Club,” an ultra-private, members-only hunting and sporting club founded by industrial baron Austin Corbin. Mr. Corbin also was the original owner of the Ruger’s property, which he built on the site of his childhood home. NewportLuxuryAuction.com.

The property was known as a place where the late William B. Ruger, Jr., of the Ruger firearms company, was known to enjoy personal time and tinker on any number of varied projects. To accommodate his interests, he built various outbuildings on the estate such as an office/workshop, gentlemen’s study and tri-level barn. The property was previously asking $3.75 million, but will be sold on Sept 7th without reserve. NewportLuxuryAuction.com.

Both properties were owned by the late William B. Ruger, Jr., son of William B. Ruger, who cofounded the now-publicly-traded firearms giant with Alexander McCormick Sturm in 1949. The company now employs nearly 2,000 people and has a market cap of almost $750 million. After passing away in late 2018, Ruger left the properties to his family members, who elected the auction route and hired Platinum after the properties failed to find a buyer while listed with their local market Realtors.

According to Trayor Lesnock, Platinum's president and founder, the simultaneous sale of multiple properties for one seller has historically been a very rare occurrence in the world of non-distressed, luxury real estate auctions, but that may be changing. "This is our third situation within the past 10 months wherein we have handled multiple properties for one seller," Lesnock said. "Perhaps not surprisingly, each of these sellers falls within the ultra-high-net-worth category, and they are utilizing the luxury auction process to reallocate their capital away from what are often stagnant or non-performing real estate assets that no longer provide them with a high degree of utility."

To be sure, in January of this year Platinum sold 4 luxury properties - each located in a different state - within 36 hours for one wealthy couple. In addition to the Ruger properties, the firm just sold on August 30^th one of two properties owned by William D. Zollars, the former CEO of the publicly-traded shipping conglomerate YRC Freight, Inc. (Zollars's other property, located in Leawood, KS, is slated for auction with Platinum on Sept 14^th).

The Ruger's estate in Maine, known as East of Eden, is an historic, Mediterranean Revival mansion originally built in 1907. The 15,000-sf home has been lovingly restored and upgraded throughout the years, and sits on 9 waterfront acres with 1,100 ft of frontage on Bar Harbor's Frenchman Bay. The 8-bedroom, 9-full-and-3-half-bath estate also includes a drive-through, 8-10 car garage house, multiple storage outbuildings and an illuminated dock able to accommodate large yachts and sailboats. Originally asking $15.5 million, the property was reduced to a listing price of $12.5 million before heading to luxury auction.

East of Eden is listed with Maine real estate brokerage The Knowles Company, who is represented by top-producing listing agent Susan M. Ferrante-Collier. "Our listing brokerage and agent partners are always an integral part of our process," stated David Ashcroft, Platinum's managing director. "It's a team effort."

The family's other auction property is nestled on 110 private acres in Newport, New Hampshire. Another historic home (circa 1880) that has been extensively renovated and upgraded throughout the years, it was known as Ruger, Jr.'s primary home - a place where he would unwind or tinker with a myriad number of projects in his spare time, according to Ashcroft. "He created a large office and workshop for his projects, in addition to a really spectacular gallery hall for displaying various items and works of art," he added.

The property features a 4-bedroom main residence of nearly 7,500 sf, in addition to a separate guesthouse (also with 4 beds), a tri-level barn, heated workshop, additional workshop and a gentlemen's study. The multi-structure compound is within close proximity to the secretive Corbin Park, aka the Blue Mountain Forest Association. The 25,000-acre park is known as home to the "Millionaire's Hunt Club," as it has long served as an ultra-private, hunting/sporting destination for a select few members (whose membership has been estimated at +/- 30).

Interestingly, the Ruger's Newport property was once owned by Austin Corbin, for whom the park is named. Corbin's childhood home originally occupied the site. Once his parents passed, Corbin - a multimillionaire industrial baron of his era - tore down the family home, leaving only his childhood bedroom. He then built the new estate around the singular room.

Platinum is conducting the New Hampshire sale in cooperation with listing agent Andrew R. Peterson of The Petersons Inc. real estate brokerage.

Complete information on both properties is located online at BarHarborLuxuryAuction.com and NewportLuxuryAuction.com, respectively. Platinum's offices can be reached at 800.262.5132. Previews are being held for each property on a daily basis, through and until the auction date. Interested bidders must formally register to participate in the sale, and are encouraged to contact Platinum for registration details.

About Platinum Luxury Auctions
Platinum Luxury Auctions is responsible for developing the luxury auction® model for high-priced real estate auctions and owns the trademark rights to the term "luxury auction." The firm specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. Platinum's team has closed more than $882 million in luxury real estate auction sales to date, while consulting on more than $2.5 billion in additional luxury properties worldwide.

SOURCE Platinum Luxury Auctions LLC