Platinum Luxury Auctions Sells NBA Star's Oceanfront Estate At June Auction.

MIAMI, July 10, 2012 /PRNewswire/ -- Miami Heat forward Mike Miller gained an NBA championship ring in June but also gave up a set of house keys. In this case, Miller gave up those keys by choice, as the three-point-shooting specialist chose to sell his oceanfront Florida home at auction on June 30th rather than waiting for a sale using the traditional brokerage process. Platinum Luxury Auctions, a Miami-based auction firm specializing in luxury properties, handled the sale.

The property is located in Hillsboro Shores, a quaint, beachside community just north of Fort Lauderdale. It is situated on nearly 100 feet of water frontage within the Hillsboro Inlet, where the Intracoastal Waterway meets the Atlantic Ocean. The residence boasts approximately 8,800 interior square feet, with 6 bedrooms, 7 full and 1 half baths, in addition to over 2,500 square feet of outdoor terraces.

The decision to auction the home was likely the smart play: luxury residences in Hillsboro Shores have historically suffered from extremely long listing periods. Miller's immediate neighbor to the south had his residence – a luxury home nearly identical to Miller's and built by the same builder – on the market for 7 years and 9 months before deciding to withdraw the property in early 2012. Miller decided to avoid a similar fate.

Within only 5 weeks, Platinum created a marketing campaign for the property that included exposure on national ESPN radio, three television segments on major network news channels and articles on dozens of national websites and blogs. "The championship certainly helped," admitted Trayor Lesnock, Platinum's president and founder. In addition to the global luxury marketing that is a core component in each of Platinum's auction-marketing programs, Lesnock ordered his press team to leverage the Miami Heat's success to create additional promotion for the property during the playoffs.

"It was a very active auction, with 11 registered bidders. That is an exceptional amount of buyers vying for one property in what remains a very challenging luxury market in Broward County, Florida," stated David Enriquez, Platinum's senior project manager.

The Multiple Listing Service in Southeast Florida shows that only 7 Broward County homes with list prices at or above $5 million have sold in 2012. One of those 7 was a Weston home billed as the "largest home in Broward County" with over 35,000 square feet. In comparison, Miami-Dade County has seen 38 homes sell thus far in 2012 in the same price range.

According to Platinum, the purchaser of Miller's residence was a private individual who owns multiple properties throughout Florida. The price was not disclosed, but will be released upon settlement.

For more details on this luxury auction, please visit PlatinumLuxuryAuctions.com, send an e-mail to [email protected] or call 1.800.262.5132.

SOURCE Platinum Luxury Auctions LLC