An impressive crowd of ten bidders gathered in the living room of a hilltop estate in Laguna Beach on November 18, 2016, in order to participate in a live auction for the chance to become the multimillion-dollar property’s new owner. Platinum Luxury Auctions, a real estate auction firm specializing in the sale of luxurious properties, was hired by the homeowner to conduct the auction in cooperation with broker John Stanaland of HÔM Sotheby’s International Realty, the listing agency of record.
The price paid by the highest bidder has not yet been revealed, but a Platinum spokesperson noted the winning bid “almost doubled” the auction’s $2 million reserve price.
Platinum’s auction-marketing campaign garnered significant interest from buyers in the U.S. and abroad, with 146 inquiries, 83 on-site property previews and more than 39,000 visits to the property’s webpage during a 5-week period. Coverage of the ocean-view home appeared in the Wall Street Journal, The New York Times, Los Angeles Times and in television commercials on major news networks.
“To have ten bidders for the auction of a property that sat on the market for so many years – especially at the height of a significant political shakeup in the country – is a tremendous feat,” said Kevin Vaughan, Platinum’s project manager for the transaction. “In addition, I believe only one bidder was an investor, meaning the audience was nearly entirely comprised of end-users. It’s certainly a testament to the quality of Platinum’s buyer database and the effectiveness of its luxury auction platform.”
Prior to the auction, the Orange County residence spent more than 6 years on the market, starting at an asking price of $7 million, which was gradually reduced to approximately $4.9 million. Custom built in 1996 and carved into the hillside, the tri-level home features postcard views of the Pacific Ocean. In total, the estate offers 7,200 sq. ft. of living space, seven bedrooms and five baths. Highlights include a gourmet kitchen, home theater, saltwater fish tank, fitness room with sauna and an elevator servicing all three floors.
“With one exception in 2013, we have sold every property we have offered for luxury auction in California,” stated Trayor Lesnock, Platinum’s founder and president. “It’s certainly a fertile market for our platform, and we are expanding our business efforts there going forward.”
For more information on this sale or other upcoming luxury auctions, please contact Platinum Luxury Auctions at 800.262.5132 or visit PlatinumLuxuryAuctions.com.
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.