Walnut Place, one of Dallas’ finest and largest estates, is going to auction with no reserve bidding opening on Dec. 19.
More sellers of luxury properties are taking the auction route to market and sell their properties. There are a number of reasons that it makes sense, especially when buyers shopping at the top level of the market are so few. Auctions get wider attention and the larger auction houses understand the value of advertising globally to reach the major wealth centers rather than restricting themselves just to the U.S. Another reason is the uniqueness of most high-end real estate of which there are few comparables for establishing a fair market price which the bidding process helps to establish that level.
Some of the most notable home auctions have been the elegant Gianni Versace Mansion on South Beach in Miami Beach, Florida in 2013 which sold at $41.5 million to the Jordache Jeans family and the Virginia Klug Winery, which Donald Trump purchased for $6.2 million at a foreclosure auction in 2011. Trump was also the second highest bidder on the Versace Mansion. Another luxury auction is on the horizon when Dallas’ Walnut Place begins the bidding process on December 19.
In the Mayflower Estates section of Preston Hollow, Walnut Place is one of the most architecturally significant estates in the southern U.S., designed in 1938 by world-renowned architect Maurice Fatio. The Swiss-born Fatio was well known for his projects in New York and Florida where he designed over 200 homes, many built in Palm Beach for the super rich including Harold Vanderbilt, Marjorie Merriweather Post and E.F. Hutton…
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Photos courtesy Concierge Auctions