Miami-based Platinum Luxury Auctions, a real estate auction firm specializing in the non-distressed sale of multimillion-dollar properties on behalf of wealthy sellers, has announced the September 30th auction of four residential lots in the exclusive community of Wolf Creek Ranch. Each of the 160-acre lots was previously listed for $1.35 million. On auction day, at least one of the lots will be sold without reserve, meaning that the highest bidder will prevail regardless of the bid price. The remaining three lots will be sold subject to the owner’s acceptance of the highest bid.
The properties, located in Heber City, Utah, about 25 minutes from Park City, are being marketed for auction in cooperation with the Lange Group of Summit Sotheby’s International Realty, the listing brokerage of record. Listing agents Will Lange and Matt Mullin are representing Summit Sotheby’s for the transaction.
An interesting aspect of the auction is that the four properties are being offered using a method called “high bidder’s choice” (or simply “bidder’s choice”). Rather than auctioning the individual lots one-by-one, the high bidder’s choice method allows the highest bidder from a given round of bidding to select the lot of his choice from amongst the four that are available. Once the first high bidder selects his lot, the bidding process will then repeat, with the new high bidder selecting his lot from the remaining three that are available, and so forth.
“This method of auction is a common strategy when we offer like-kind real estate assets located within the same, immediate market area,” according to David Ashcroft, Platinum’s director of business development. “It increases the efficiency of the bidding process for both buyer and seller.” Ashcroft also added that the seller has the option to offer more than one parcel without reserve, so bidders worried that only one round of bidding may offer a “great deal” need not be disappointed. “It’s not uncommon for us to offer more assets without reserve than originally planned, once the live bidding process is underway,” he noted.
Occupying 13,200 private acres and with only 80 homesites, Wolf Creek Ranch ensures it residents a sense of peace and privacy amidst Utah’s natural beauty. “My favorite part of Wolf Creek Ranch is that I can go there and feel like I’m the only person in the world. Although it’s not far from town and the neighbors are always up for a get together, there’s a real air of seclusion and it is restful and relaxing to have somewhere to call home that’s still like that,” stated Will Lange, the lead agent for the Lange Group of Summit Sotheby’s.
Community amenities include an owners’ lodge with catering kitchen, fire pit, and outdoor grill/entertainment area, in addition to an equestrian center (the community offers nearly 60 miles of riding trails). Those who enjoy working with the rod and reel will appreciate the experienced trout-fishing guide on staff at Wolf Creek, helping new anglers navigate the community’s mile-long strip of private frontage on the Upper Provo River.
The four auction parcels range from 160 to 166 acres in size, and are located near the western border of the community. The lots boast beautiful, natural vegetation such as aspen groves and pine forests, and are permitted for up to three structures each (ideal for those who want to build a large, luxury home, adjacent barn and covered riding arena, for example).
Property previews will be held at Wolf Creek Ranch from 12-4pm MDT daily, until the auction date. Prospective purchasers may visit UtahLuxuryAuction.com to learn more about the property, or may call 800.262.5132 to speak with a Platinum associate.