A Hawaiian residence that was awarded HGTV’s “Favorite Backyard Retreat” as part of the popular television network’s Ultimate House Hunt contest in 2015 has finally found a buyer. Luxury real estate auction firm Platinum Luxury Auctions has announced that the Princeville, Kauai property sold at a live auction on July 23rd. Platinum managed the transaction in cooperation with the property’s listing brokerage, Hawai’i Life Real Estate Brokers, which was represented by listing agents Ben Welborn and Tiffany Spencer. While the final sales price of the property will not be released until closing, Platinum confirmed that the price “easily surpassed” the auction’s $3 million reserve price.
Although the HGTV accolades and affiliated press garnered the estate plenty of exposure, it remained listed for sale for several years with no viable offers. The owners finally realized they needed to take a more dynamic approach – such as a well-promoted auction – to find the right buyer for their custom home. Following an exhaustive vetting of leading real estate auction houses – they retained Miami-based Platinum for the sale. Once the auction was announced, buyers began paying attention immediately.
“Within only 6 weeks of international marketing, we were able to produce 121 on-site showings of the property, in addition to receiving nearly 54,000 pageviews from more than 17,500 global visitors to the auction’s page on our website,” stated David Ashcroft, Platinum’s director of business development and the lead manager of the sale for the firm. “This is rather significant when you consider the home was on the market for years without a viable offer, and with only a handful of showings.”
The property sits on a secluded parcel of more than 1.5 acres in size. Its elevated location allows for panoramic views of Kauai’scoveted Hanalei Bay, in addition to an awe-inspiring landscape of natural waterfalls, verdant mountains, sublime sunsets, and even the occasional rainbow. It was these views, combined with the property’s impressive lanai – which includes a 50-foot saltwater pool and spa, a resort-style waterfall and grotto, multiple fire pits, and an outdoor kitchen – that earned the estate the HGTV award.
Built in 2011, the property is comprised of a main residence and a separate guesthouse. In total, there is more than 5,700 square feet of living space, with 4 bedrooms, 4 full and 2 half baths, in addition to 2 outdoor showers. Interiors are luxurious yet relaxed, and feature materials sourced from around the world, including hand-hewn wooden flooring, Indonesian granite, Brazilian mahogany, and Italian stone. Additional amenities include state-of-the-art technology such as an indoor/outdoor wireless audio system, remote controlled sunshades, and custom lighting.
“We’re pleased to announce that our first transaction in Hawaii was a great success,” stated Trayor Lesnock, Platinum’s president and founder. “While the Hawaiian islands can be a very insular market from an operational perspective, this sale proves yet again that Platinum’s deep experience and focus on deal execution allows us to enter new and challenging markets, apply our process and find immediate success.”
Lesnock added that the all-cash, “AS-IS” sale is scheduled to close ahead of the prescribed, 30-day closing period. He described the buyer as a businessman from the United States.
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 $826 millionin luxury real estate auction sales to date, while consulting on more than $2.5 billion in additional luxury properties worldwide.