Largest Residential Estate in Newport Beach to be Auctioned by Auction.com
Torrance, CA – April 17, 2012 – (RealEstateRama) — Auction.com (www.auction.com/luxury), the nation’s leading online real estate marketplace, will auction an exceptional Italianate villa occupying the largest private estate in Newport Beach on April 26.
Once listed at $87 million and currently listed for $37 million, the estate is one of the most exquisite properties in the area. It includes a 16,600-square-foot main residence in the final stages of construction, along with a 7,000-square-foot 17-car garage and a variety of other luxury amenities.
The one-day auction will be held at The Resort at Pelican Hill, which is near to the property located at 1 Pelican Hill Road. Online bids via a webcast will also be accepted through Auction.com’s innovative platform that allows sellers and buyers of luxury homes to meet in a transparent auction process. The auction is a bankruptcy court mandated auction and there is no opening bid on the property. There is a 2 percent broker co-op available for agents who pre-register a successful buyer.
“The vast size of the property and the elegance of the improvements are attributes that are rarely found in the luxury market, especially in Southern California,” said Robert Friedman, Auction.com’s chairman and a founding principal. “When you also consider that the home must be sold, and there is no opening bid, this is a once-in-a-lifetime opportunity for bidders.”
The singular acreage includes vast expanses of mature gardens, a private lake, tennis court, a wine cave, a horse stable and riding area. The luxurious main residence has seven bedrooms and 13 bathrooms, which comprise a private compound that rivals any other real estate property in the region.
Terraced waterfalls, canyon, city light and distant ocean views all contribute to the majestic aura. Enhancement opportunities are virtually limitless and include the ability to add guest and accessory buildings thereby creating a personal compound unlike anything else in Newport Beach. A one-bedroom gate house also sits on the property.
“By delivering a high volume of qualified buyers to each property, we help each seller achieve the home’s true market value,” Friedman added. “At the same time, the buyer for this luxury property will be able to purchase it through an efficient system that brings transparency to the bidders. As a result, it’s a win-win for both sides.”
Auction.com’s marketing efforts have already attracted 700 open-house attendees with an additional open house scheduled on April 22 from noon-4 p.m. Bidders must pre-register online at www.auction.com/luxury.
About Auction.com:
Established in 1990, Auction.com has pioneered modern real estate auctions and created the nation’s leading online real estate marketplace. It has established a dominant position in its industry by selling more than $12 billion in real estate assets at auction since 2007. Additional services include residential loss mitigation and title agency and escrow/closing services. Primary clients are residential and commercial mortgage lenders, servicers and home builders. Auction.com’s success is based on the aggregation of real estate assets that are marketed and sold in large format auctions across the country and online. Auction.com is headquartered in Irvine, California and has offices in Newport Beach, Dallas, Miami and New York. Visit Auction.com for more information.
