On the evening of June 30, 2016, nine bidders gathered in the living room of the waterfront mansion originally built for Richard Yuengling of the D.G. Yuengling & Son beer empire. With paddles in hand, they were ready to vie for the chance to become the new owner of the luxurious estate. After just 25 minutes of robust bidding, the property was sold. The luxury auctionSM sale came at the conclusion of a six-week, international marketing campaign conducted by veteran luxury real estate auction house Platinum Luxury Auctions, headquartered in Miami, Florida.
Though Mr. Yuengling built the home for himself, he sold it in 2006, and it was again sold in 2012 to its current owner. That owner, a pharmaceutical magnate with substantial real estate holdings, retained Platinum for the auction sale after the property failed to sell traditionally while being listed for four consecutive years with Tim Elmes of Coldwell Banker Residential Real Estate in Fort Lauderdale, Florida. Mr. Elmes worked with Platinum as the co-listing broker during the transaction.
While the sale price will not be released until closing – which is scheduled to occur within 30 days or less – Platinum reported that the sale is “substantially above” the auction’s reserve price of $4 million. Although the buyer wishes to remain anonymous, the auction firm and the buyer’s broker, Paul Merlesena of Galleria International Realty, noted that he is an entrepreneur with a business in New York City. “My clients are extremely excited to have purchased one of Fort Lauderdale’s premier Intracoastal properties. They can’t wait to watch this year’s boat show from this incredible location,” Merlesena stated. Two of the auction’s nine bidders were represented by Mr. Merlesena.
“This sale is yet another exceptional case study for what a luxury real estate auction should be,” stated David Enriquez, Platinum’s vice president of operations. “We recently saw several other Florida auctions postponed or otherwise cancelled – some using ‘Brexit’ and financial market conditions as the excuse. For Platinum to produce nine registered bidders for a property that languished on the market for four years is truly excellent, and it continues to validate our use of auctions with simple, straightforward terms to attract real buyers.”
The mansion’s primary feature is its water-frontage, which includes 150 feet of dockage on a private canal, plus an additional 150 feet of frontage on the Intracoastal Waterway. With no fixed bridges about which to worry, a motor yacht can depart from the estate and be in the Atlantic Ocean within 10-15 minutes. In addition to its water features, the property includes a Mediterranean-inspired residence with nearly 11,800 square feet of interior space, offering 6 bedrooms, 7 full and 2 half baths. There are two main living levels, in addition to a partial third level that serves as an entertainment space with a wet bar and waterfront terrace.
Interested parties may contact Platinum Luxury Auctions at 800.262.5132 or visit PointLotLuxuryAuction.com for additional details on the sale.