Platinum Luxury Auctions has added another noteworthy sale to its portfolio.
On January 29, the Miami-based, luxury real estate auction house held a live auction for a penthouse condominium at the Four Seasons Private Residences in downtown Miami. An audience of seven bidders vied for the property as part of a real-time bidding process held on-site, which culminated in a non-contingent sale and a closing scheduled for mid-March. Prior to being offered for luxury auction, the 70th-floor residence had been listed for sale for nearly nine consecutive years with a collection of Miami’s top brokers, yet found no successful suitors.
While the price of the pending sale won’t be known until closing, Platinum quantified the figure as being the 5th-highest resale in the building’s history and the 3rd-highest resale within the past 5 years. “We just missed the 3rd and 4th all-time price marks by 2% and 1%, respectively,” according to David Ashcroft, Platinum’s managing director. “And after paying that price, the buyer still intends to extensively renovate the unit.”