Why Some Texas Mansion Sellers Are Taking the Auction Route Over the Market
Let’s face it: A 28,000-square-foot mansion that once listed for $100 million isn’t for everyone, and finding that one special buyer who fits a property of that magnitude can be a monumental task even in today’s booming real estate market.
According to the Dallas Morning News, the three largest estates that went up for sale this year in North Texas chose to take the auction route rather than the traditional sales and marketing path.
New York-based Concierge Auctions, an elite digital auction house that sells worldwide, held an auction during the summer on the 48,000-square-foot Champ d’Or estate in Denton County, which cost $50 million to build and is the largest mansion in North Texas. The sale is pending.
The Hicks Estate has long been touted the most expensive residential property in Dallas. And Sanders’ former mansion, now called Chateau Montclair, contains a bowling alley, indoor basketball court, theater and stage, and even a barbershop.
Though both estates are being sold with no reserve prices, registered bidders are required to disclose their rock-bottom offer.
"Before the auction even starts, you know as a seller what your worst-case scenario is," Laura Brady, founder of Concierge Auctions, told the News. “The bidding is only going to go up from there."
Some people still equate auctions to distressed property sales or the last house on the block for moving a property, but for many high-profile estate owners, auctions are the first house on the block.
Since Brady founded Concierge in 2008, the auction house has sold over $1 billion in real estate.
"We will reach our next billion next year," she said.