Tuscan-Inspired Estate in Wellington, Florida Approaches May 19th Auction Date – PR Newswire (press release)
WELLINGTON, Fla., May 15, 2018 /PRNewswire/ — On the heels of its successful sale on May 5th of the 14-acre horse property known as Kismayo Farm, Platinum Luxury Auctions is heading into its second Wellington property auction of the year. On May 19th, the Miami-based real estate auction firm will offer a luxurious estate located in the Wellington Preserve community at a live auction sale. The property was previously listed for approximately $8 million, but will now be sold subject to confirmation of the auction’s high bid by various creditors. Platinum is managing the sale in cooperation with listing brokerage Douglas Elliman Realty, which is represented by listing agent Maria Mendelsohn.Continue reading
While Platinum’s auctions typically use more finite terms of sale – for example, placing a fixed reserve price that must be met or exceeded in order for the property to be sold – this auction follows a different format. According to Trayor Lesnock, Platinum’s president and founder, the terms are made to suit the situation surrounding the property.
“While the format of this sale is non-traditional for us, it’s the appropriate method of sale for the situation,” Lesnock stated. “Third party creditors will need to approve the high bid in order for the sale to be finalized. That said, it’s our understanding that the parties are motivated for the sale to occur, and some have provided us with written statements to this effect.” Mr. Lesnock added that while he cannot speak for any creditor, it’s typically the case in such situations that creditors would much rather deal with capital than a real estate asset, hence their interest in a successful sale. “I would certainly not be deterred if I were a bidder for this property,” he stated.
Located within the 610-acre equestrian community