For prospective Gold Coast home buyers, this could be a golden opportunity.
Six properties on Long Island’s North Shore, with previous prices ranging from highs of $2.699 million to $24 million, will be auctioned June 14 at the Guggenheim Estate in Sands Point.
“This is a way for the sellers to get the market to pay attention to their listings as opposed to the glut of inventory that is on the market,” says Misha Haghani, managing principal of Paramount Realty USA, the real estate firm handling the auction. “It’s a way for the owners to show buyers that they are serious about selling and that they are committed to the sales process. For the more unique properties, when you have property that’s really atypical, that’s really unique, it’s not easy to determine the market value of those properties.”
That includes a 19-bedroom Lloyd Harbor brick Tudor situated on 10 acres of waterfront property, land which Paramount says was the site of a battle in the Revolutionary War in 1781. The home, Paramount says, was previously listed as high as $24 million. Its current list price is $10 million and Paramount’s suggested opening bid is $5.75 million.
Additional homes include a six-bedroom, 7-1/2 bathroom Old Westbury stone and stucco home on 3.76 acres once listed for $7.5 million; a five-bedroom, 5-1/2 bathroom Old Westbury Contemporary home on roughly four acres once listed for $3.995 million; a five-bedroom, 5-1/2 bathroom Roslyn Harbor Victorian Colonial on two acres once listed for $2.699 million; a six-bedroom, 6-1/2 bathroom Old Westbury Georgian Colonial on 4.64-acres once listed for $6,888,888; and a six-bedroom, 5-1/2 bathroom Kings Point brick Colonial on 1.21 acres once listed for $4.588. Suggested opening bids for the homes, all of which are listed with Douglas Elliman Real Estate, range from $1.499 million to $2.8 million.
Haghani — who recently oversaw the auction of Donald Trump’s childhood home in Jamaica Estates, which was initially sold to an investor for $1,390,500 in December and auctioned for $2.14 million in March — says owners of the Gold Coast homes include an executive of a music company, an entrepreneur, an executive of a Manhattan real estate development firm, and a real estate broker at one of the country’s largest firms.
Open houses begin Sunday, May 21. To participate in the auction, bidders must pay $50 to purchase access to due diligence information, and bring a bank check to the auction, ranging from $150,000 to $575,000 depending on the home of interest.
“This is the first time we’ve put together a curated collection of luxury properties from different homeowners in one auction,” Haghani says. “For the same reason that jewelry, art, antiques and collectibles are sold by auction, so too are luxury, unique, difficult-to-value properties.”