Miami-based luxury real estate auction firm Platinum Luxury Auctions has announced the pending sale of an equestrian estate in Wellington, Florida. On February 25th, a live audience of buyers gathered to place their bids for a luxurious horse farm located in the city’s Las Palmas subdivision. While the final sales price will be released upon closing, Platinum reported that the bidding handily exceeded the auction’s $4 million reserve price. Listing brokerage Engel & Völkers of Wellington, represented by agents Carol Sollak and Matt Johnson, worked in tandem with Platinum for the sale.
The transaction marks Platinum’s fourth consecutive auction sale in the world famous horse community, thus extending its flawless performance record there. To date, Platinum has sold and closed three other Wellington properties, including Two Swans Farm ($6.9 million), Wild Orchid Stables ($4.325 million), and a residential home in the area’s Polo Club enclave ($2.365 million).
Although Wellington has become a haven for business moguls and celebrities with equestrian interests, the upper tier of its property market is experiencing a noticeable slowdown. “What is perhaps most significant about this sale is that year-to-date, it’s the only multimillion-dollar horse property in Wellington that is pending,” noted David Enriquez, Platinum’s vice president of operations. “Purchase activity is typically very strong during the first few months of each year due to the Winter Equestrian Festival, but per our research of the Palm Beach County property records and the Multiple Listing Service, only one other Wellington property is currently pending sale above the $4m mark, and it’s a non-farm, single-family home.”
Enriquez added that there are currently 77 listings in Wellington priced at $4 million or more, with approximately 66 of these listings being horse properties or farms. Within the past six months, only five properties have sold in Wellington at more than $4 million, all of which went under contract in 2016. This creates more than 7.5 years of high-priced inventory at the current sales pace.
“When many luxury property markets begin to enter a slow-down, there can be a period of ‘market fog’ wherein nothing is transacting and buyers and sellers don’t really know where the market is,” explained Trayor Lesnock, Platinum’s president and founder. “This can lead to very protracted market adjustments, costing sellers excess time and money. Our luxury auction was able to cut through Wellington’s market stagnation and find the seller a real cash buyer.”
Lesnock added that the property’s seller is, “an incredibly sharp businesswoman” who is selling the custom-built estate in order to spend more time in the northeastern U.S., where much of her business interests are centered. He noted that she was very complimentary of the auction process, in spite of the soft market.
The property’s main residence offers nearly 6,400 sf of living space, with features that include an infinity-edge pool and spa, 1,400-bottle wine cellar, library, media room, office, fitness center, and a yoga studio. Additional amenities include a 3-vehicle garage, guest cottage, 12-stall barn with enclosed lounge and attached loggia, a 215-ft-by-125-ft riding arena, six paddocks, and a dedicated set of grooms’ apartments.
Wellington, Florida has a well-established reputation as one of the world’s most prominent equestrian marketplaces. The area is home to the world’s longest-running horse show and competition – the Winter Equestrian Festival – which draws the Who’s Who of the equestrian world to South Florida each year. The community boasts residents such as Bill Gates, the Jobs family, Tommy Lee Jones, Bruce Springsteen, and billionaire media mogul John Malone.
Additional information on the sale is available at WellingtonLuxuryAuction.com, or by calling Platinum’s offices at 800.262.5132.
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.