PHILADELPHIA, Jan. 12, 2015 /PRNewswire/ -- Author, entrepreneur and former Philadelphia 76ers owner Pat Croce has sold his home at auction in cooperation with Premiere Estates Auction Company. Within the prestigious Philadelphia neighborhood of Villanova, Croce's estate at 835 Mount Moro Road is a magnificent Stone Colonial mansion of more than 10,000 square feet set on 3.55 acres.
To accelerate the sales process, Mr. Croce engaged Premiere Estates Auction Company. The "absolute" auction – meaning the home will sell to the highest bidder regardless of price – took place on site at the property on October 25.
"Pat Croce is not one to sit and wait," said Michael Schwartz, Director of National Sales for Premiere Estates Auction Company. "He is very decisive in every aspect of his life and he wanted this estate sold by a certain date. The absolute auction process gave the Croce's what they were looking for: A final sales date."
Premiere Estates Auction Company engaged in an all-encompassing international marketing campaign to seek the right buyer. The campaign culminated in over 5 million digital impressions delivered, over 22,000 social shares, national and international PR coverage, the home being awarded the Wall Street Journal "House of the Day" distinction, and ultimately hundreds of inquiries from interested parties regarding the property in advance of auction day.
High dollar homes on Philadelphia's Main Line typically remain on the market for 9 months or longer, with over 2.5 years of inventory currently on the market. The auction was held on site at the Croce Estate on October 25, 2014. Over a hundred interested parties and eight registered bidders gathered around the Croce's pool as a local Pennsylvania auctioneer called the auction. The opening bid was $1,500,000, and after several heated rounds of bidding, a winner was announced with a winning bid of $2,250,000. Premiere Estates Auction Company was able to bring the home under contract within 60 days, a small fraction of time compared to current Villanova real estate trends.
Ed Kaminsky, President of Premiere Estates Auction Company said, "The auction at the Croce Estate was a first class event, attracting the 'who's who' of Philadelphia and the surrounding areas. Our marketing efforts brought over 500 inquiries, and 8 qualified bidders registered for the opportunity to win this incredible Estate at absolute auction. It was a pleasure to work with Mr. Croce on the sale of his Estate, and he was pleased to see the response and worldwide breadth that our marketing campaign reached."
Croce's success story is well known in the worlds of sports and business. With a mere $4,000 investment in 1980, he founded Orthopedic & Athletic Rehabilitation, growing it to 40 nationwide locations. Expanding from sports training, Croce became president of the Philadelphia 76ers. Under his leadership, the team went from last place in 1996 to the 2001 NBA Finals. Croce has been featured in Inc. and Success magazines, has been named "Entrepreneur of the Year," and has had fruitful careers as a sports commentator, television host and author.
Premiere Estates Auction Company (www.PremiereEstates.com) and its corporate family of companies are nationwide leaders in high-end luxury real estate, brokerage sales, real estate marketing and auctions. Headquartered In Los Angeles and with offices in San Francisco, New York, Chicago, and London, the companies have over 2,900 alliances partners in 46 states including Sotheby's, Intero Real Estate, Prudential, Christie's, and many others. Corporate clients include major institutions, Fortune 500 companies, family offices, and trust companies.
For more information, please visit www.VillanovaLuxuryAuction.com.
Premiere Estates Auction Co.
SOURCE Premiere Estates Auction Company