PALM BEACH, Fla., May 30, 2013 /PRNewswire/ -- Veteran auction house Platinum Luxury Auctions added yet another impressive sale to its books in 2013 with the successful auction of an ultra-modern ranch estate on May 24th in Jupiter, Florida. The property sold to the highest bidder for approximately $2.3 million, far exceeding the auction's reserve price of only $1 million. The sale was conducted in cooperation with top-producing listing agents Cary and Jeff Lichtenstein of Illustrated Properties in Palm Beach Gardens. Illustrated is an affiliate of Christie's International Real Estate.
The $2.3 million auction price was the third highest sale ever achieved within the luxury development of Ranch Colony, where the property was located. "We checked the records back to 2004 - where we should see the most inflated figures - and it appears this is in fact the third highest sale within the entire development," noted Trayor Lesnock, Platinum's president and founder.
Although cooperating listing agent Cary Lichtenstein was impressed by the price, he was not necessarily surprised. "Platinum's auction process was extremely impressive from start to finish," said Mr. Lichtenstein. "The live auction event was quite a show itself, with red carpets, velvet ropes and even a few professional riders prancing beautiful horses around the grounds. It really made for an exciting bidding atmosphere," he added. The glitz of the auction seemed to have the desired effect, as an audience of nine hopeful buyers gathered in the property's grand salon and drove bidding well above the $2 million mark for the modern estate.
The property was custom built as a retirement haven for its owners, but they never moved in after a change in family plans and the residence was instead listed for sale. Once the property had sat on the market for nearly 1.5 years without any real interest, the Lichtensteins suggested an auction and contacted several companies, one of which was Platinum.
According to the Lichtensteins, the Seller ultimately selected Platinum over the other competitors due to the firm's lengthy history selling Florida luxury properties and its exceptional roster of satisfied sellers. "Although our 'quality over quantity' business model prevents us from matching the volume that other firms may use to impress clients, the seller found our reputation to be beyond reproach, which became the deciding factor for her and her family," stated Mr. Lesnock. "Fortunately for us, this type of decision making seems to be a recurring theme in what looks like the New Normal in the luxury auction business."
Kevin Vaughan, Platinum's project manager for the sale, conducted nearly 80 visitor tours of the property during Platinum's 5-week marketing campaign. The overall, bona fide buyer inquiries were double that number, he said. "We attracted buyers from a large geographical area, ranging from Palm Beach County to south Miami, New Jersey, New York and Canada. We even had a prospective bidder attempting to bid by proxy from Hong Kong," Mr. Vaughan said. Ultimately, the winning bidder was a French gentleman with real estate holdings in Miami.
The sale is slated to close in late June. Additional details can be found by visiting RanchEstatesAuction.com, or by contacting Platinum Luxury Auctions at 1.800.262.5132.
SOURCE Platinum Luxury Auctions LLC