Now Selling without Reserve
Although four bidders had registered to participate in the luxury real estate auction of a 3.7-acre equestrian estate in Wellington, FL for February 15, the auction date was extended by two weeks in order to allow several last-minute buyers to participate in the sale. Miami-based auction firm Platinum Luxury Auctions, who was retained by the property owners to manage the auction sale, stated that while it was comfortable proceeding with the four-bidder audience, it’s not uncommon to briefly extend a scheduled sales date to allow for late-arriving buyers to participate in the auction.
“Of the seven properties we’ve sold via luxury auction in Wellington, one also had an extended sales date due to a surge of late-stage buyers who decided to participate,” noted David Enriquez, Platinum’s vice president. “In fact, about 5% of our auctions each year experience a slight date adjustment for this reason.”
Perhaps the most important change to the real estate auction is not its date, but rather its terms. Initially, the property was being sold to the highest bidder at or above a $2 million reserve price. Now, however, the extended auction will be without reserve, meaning the property will be sold to the highest bidder regardless of the bid price.
“It’s a very sincere gesture that we recommend to our sellers in order to let the marketplace know the seller is still committed to a sale, given the brief extension,” Enriquez added. “Occasionally, such an extension can send the wrong message to a buyer, so the seller’s election for even more aggressive terms of sale certainly mitigates that. These sellers want to move on from the property as of March 1st.”
Previously asking $6.5 million, the estate is situated in Wellington’s Southfields community, a boutique, gated subdivision located within a short distance of the Winter Equestrian Festival (WEF) grounds. Proximity to the WEF grounds has long been the most significant component of a horse property’s value in Wellington. The estate is also just ten minutes from the Palm Beach Polo & Country Club and five minutes from the International Polo Club grounds.
Situated on nearly 4 acres, the property offers a 12-stall barn, 8 paddocks and a mirrored, 20m-x-60m outdoor riding arena presently suited for dressage. The courtyard-style barn features brick aisles, tongue-and-groove ceilings, a fly-deterrent system and wash racks, as well as separate laundry, feed and tack rooms. A larger ring for hunter-jumper enthusiasts can also be constructed on the property.
Equestrian amenities are complimented by an impressive residence with a total of 4 bedrooms, 4 full and 1 half baths throughout more than 4,800 square feet (which includes a cabana/guest suite with kitchenette). Prominent features include a gourmet kitchen, oversized master suite, office/study, sauna and custom pool.
Platinum is managing the sale in cooperation with listing brokerage Engel & Völkers Delray Beach. Matt Johnson is the listing agent representing Engel & Völkers for the sale.
Additional property and home auction information can be found online at WellingtonLuxuryAuction.com, or by contacting a Platinum representative at 800.683.3789. Open house previews will be held every Friday through Sunday between the hours of 12 and 5 pm, until the auction date, with a final preview on Thursday, February 28th.