Racecar Champion and CEO to Auction Luxury Miami Property

MIAMI BEACH, Fla., Nov. 22, 2013 /PRNewswire/ -- Platinum Luxury Auctions, a nationally prominent auction firm specializing in the sale of distinguished properties and assets, has been retained by racecar champion and entrepreneur Chapman Ducote, CEO of Merchant Services, LTD and co-owner of Merchant Services Racing, an American Le Mans Series racing team, to manage the sale of his Miami waterfront property. Although the property had limited market exposure prior to the luxury auction process, it will be sold to the highest bidder at or above a reserve price of $5 million during a live auction event on December 12, 2013. Listing agent Tara West of Park Miami Realty is working with Platinum on the sale.

The property occupies more than 10,200 interior square feet of waterfront space in Miami Beach's Sunset Harbour neighborhood, a community that has experienced rapid development within the past several years and is considered one of the city's hottest new markets. Trayor Lesnock, Platinum's president and founder commented, "Sunset Harbour has witnessed a proliferation of trendy restaurants and high-end retail outlets, and has become a favorite spot for locals and businesses."

Ducote's wish to sell the property is more pragmatic than anything else. "We really love the space, but our core business has grown so much we simply need a larger office," he stated. When he privately sourced the property to the marketplace, several high profile parties expressed sincere interest, but weren't moving with the speed Ducote wanted. "The unique nature of the property has made it difficult for buyers to put their finger on pricing, which generally causes a delay in taking action. Platinum's specialized auction approach has created a deadline-oriented sale that will now allow the buyers to determine pricing in an open and transparent forum," Ducote added.

While the property is legally zoned as a residential condominium space, it is currently outfitted as a "Class A" office with an impressive list of uncommon amenities. The space includes a private racquetball court and fitness center, gourmet style kitchen, marble baths and showers, and magnificent views of the Biscayne Bay from nearly every window. In addition to the interior space, the property offers a 4,300 square foot rooftop terrace, and two, 500 square foot waterfront balconies overlooking The Sunset Harbour Yacht Club, one of Miami Beach's few marinas.

"The right buyer can have quite a bit of fun with this property," stated Lesnock. "In addition to its current use as a one-of-a-kind, waterfront office, there is opportunity here for a luxury condo conversion, boutique hotel, or restaurant. It will be exciting to see what the new owner decides to do." For more information, visit SunsetHarbourLuxuryAuction.com, or contact a Platinum representative at 1-800 262-5132.

About Platinum Luxury Auctions
Platinum Luxury Auctions is a nationally prominent auction firm headquartered in Miami, specializing in the sale of unique and distinguished properties and assets on behalf of affluent owners. The firm's principals have closed more than $295 million in luxury real estate auction sales, and have advised or consulted on nearly $1.25 billion in additional luxury auction properties.

About Chapman Ducote
Chapman Ducote is a professional racecar driver, entrepreneur, and athlete. Ducote has built an impressive resume in the worlds of finance, real estate development, and elite motorsport racing. He is the President and CEO of Merchant Services LTD, a full scale, vertically integrated credit card processing company. He is also co-owner of Merchant Services Racing, an American Le Mans Series racing team.

SOURCE Platinum Luxury Auctions