No-Minimum-Bid Auction Set for Estate on Long Island’s Gold Coast

MATINECOCK, N.Y.--(BUSINESS WIRE)--Grand Estates Auction Co., which specializes in auctioning premier, one-of-a-kind residential real estate, is auctioning a classic 10,000-plus-square-foot estate on a private five-acre-plus lot amid the golf courses, boutiques and waterfront villages of Long Island’s exclusive Gold Coast. The “absolute” auction, where there are no minimum bids and no reserves, will be held at 2 p.m. on Nov. 17 at the five-bedroom, seven-bathroom, all-brick residence, located 25 minutes from Manhattan.

“The benefit of an absolute auction is that bidders determine the true market value, which is the ideal way to sell and buy high-end residential real estate in today’s market conditions”

“The benefit of an absolute auction is that bidders determine the true market value, which is the ideal way to sell and buy high-end residential real estate in today’s market conditions,” said Stacy Kirk, president of Grand Estates, with offices in Atlanta, Charlotte and Vail, Colo. “Bidders know the seller is committed to sell and have an opportunity to thoroughly examine the property prior to auction. Sellers avoid the hassles of unscheduled showings and cut onerous carrying costs.”

Founded in 1999, family-owned and operated Grand Estates Auction Co. has successfully auctioned approximately 250 luxury homes, typically in the $1.5 million to $10 million range. The company selects only the most distinctive properties in North America and Caribbean resort areas.

Prospective buyers may preview the Matinecock property starting Nov. 13. The auction is open only to registered bidders, who are required to submit a refundable $50,000 cashier’s or certified check prior to the auction.

The home, reached by a tree-lined driveway surrounded by rolling lawns and perennial gardens, combines the timeless elegance of centuries past with the most modern features of today. Built in 2003, its features include “smart house” technology, geothermal temperature control, six gas fireplaces; separate billiards, recreation, game, craft and theater rooms; a gourmet kitchen and banquet-sized dining room; an elevator serving three levels; and a four-car garage. Ideal for outdoor as well as indoor entertaining, the estate features an expansive patio with heated pool, spa, cabana and path to a lighted tennis court.

Prospective bidders should contact Grand Estates Auction Co. at 800 552-8120 or 704 529-0026 for bid registration requirements and to inquire about the showing schedule before the auctions. For more information, see www.GrandEstatesAuction.com