|By PR Newswire||
|February 28, 2014 03:03 PM EST||
WELLINGTON, Fla., Feb. 28, 2014 /PRNewswire/ -- A 15-acre equestrian estate known as Wild Orchid Stables in Wellington, Florida has been sold in advance of its March 1st auction date for $4.235 million. The all-cash sale will close in late March. Platinum Luxury Auctions, a national market-leader in the auction sale of luxury properties, managed the sale. The price not only exceeds the auction's reserve of $2.75 million, but also more than doubles the existing sales record for Homeland, the private equestrian community where the property is located. Prior to the pre-auction sale, the highest price on record dating back to the community's founding in 1977 was $1.8 million.
The auction process was conducted in cooperation with the property's listing agent Matt Johnson of Illustrated Properties in Wellington. Mr. Johnson also represented the buyers in the sale, who he described as a husband and wife with other real estate holdings in the Wellington area. The Wild Orchid Stables sale represents the second time that Platinum and Mr. Johnson have joined forces to sell a multi-million-dollar equestrian estate, as the pair sold Wellington's Two Swans Farm for nearly $7 million in February 2013. "This is my second partnering with Platinum, and we've had great success together selling my luxury listings. I'm happy it worked out so well for both my buyer and seller," stated Johnson. "It was a win-win for everyone involved, including the subdivision, which now has a new record sale."
The property was originally slated for auction in December 2013, and although that process produced a pre-auction offer of $3.4 million, both Platinum and the seller elected to extend and re-launch the auction at the start of 2014 to accommodate a number of parties who would not arrive in Wellington until the start of the annual Winter Equestrian Festival. "We certainly were met with a few blank stares when we collectively elected to turn down that first record price and wait for something better," stated Trayor Lesnock, Platinum's president and founder. "But in this case, patience proved to be prudent," he added.
Built by a professional contractor as a family compound, the 6,450 square foot, 5 bedroom and 6.5 bath estate includes a separate guesthouse, resort-style pool with waterfall, waterslide, wet bar and hot tub "grotto," oversized custom car garage, exotic wood built-ins, stone fireplaces, marble flooring, a 200-foot by 100-foot riding arena, six paddocks, and a stocked fountain pond. In order to prepare for the auction re-launch, the seller also built a new barn and cleared 5 acres of the property that had been densely forested.
The new owners intend to make Wild Orchid Stables their primary residence, and have plans to further augment its horse facilities in the future. Additional information on the sale is available by contacting a Platinum representative at 800-262-5132, or by visiting WildOrchidLuxuryAuction.com.
About Platinum Luxury Auctions
Platinum Luxury Auctions is a nationally prominent auction firm headquartered in Miami, specializing in the non-distressed sale of high-end properties. The firm's principals have closed more than $330 million in luxury real estate auction sales, and have consulted on nearly $1.25 billion in additional luxury properties. Platinum has recently managed the sale of three other, multi-million dollar equestrian properties, in markets ranging from Florida to California.
SOURCE Platinum Luxury Auctions