Jackson Hole Sotheby’s International Realty hosted one of the first luxury real estate auctions in the valley in the summer of 2010 – a historic ranch near Kelly, WY with a stunning 10,000 sq. ft. home and the Marlboro barn, made famous by the 1971 western epic “The Wild County”.
While not an unheard of, the high-end real estate auction was a relatively new idea with virtually no track record here in Jackson Hole. In the case of this auction, it generated the highest property sale price in Jackson Hole that year.
More recently, our agents at Jackson Hole Sotheby’s have represented the winning bidder in the last 3 luxury auctions in Jackson Hole.
The process for buying and selling a luxury estate at auction is different than a traditional real estate transaction. Typically the estate up for auction is available for interested buyers to preview every day in the weeks heading up to the auction – usually from 1:00 p.m to 4:00 p.m. Potential buyers need to register 3 days prior to auction day and a deposit is required at that time.
In the case of the upcoming auction on September, 12th, the deposit is $250,000 which is fully refunded to the non-winning bidder.
The potential buyers arrive on auction day and the bidding begins. In the case of the most recent auction, Grand Teton Estate, our agent represented the winning buyer who was bidding via telephone.
The luxury auctions that Jackson Hole Sotheby’s agents have represented have all been no-reserve or absolute auctions. From the seller’s perspective, advertising an auction as having no reserve price can be desirable because it potentially attracts a greater number of bidders due to the possibility of a bargain. If more bidders attend, a higher price might ulitmatley be achived.
Upcoming Jackson Hole Luxury Real Estate Auction
On September 12, 2013, a world-class compound on 118 acres in the area of Jackson Hole known as Riva Ridge will be up for auction.
– 3000 North Riva Ridge Road, Jackson, Wyoming 83001
– Prior List Price: Previously Listed for $37M Selling Without Reserve
– Auction Date and Time: September 12, 2013
– Lot Size: 118 acres
– Open for Preview: Open Daily 1–4 & by Appointment