Sold! Auctioned with no minimum bid, winning bid $5.8M for lakefront home in Lake Geneva

LAKE GENEVA (WITI) – A six-bedroom lakefront home in Lake Geneva, sold at absolute auction, netted a winning bid of $5.885 million -- the second-highest price for a single-family home in Lake Geneva in more than five years.

Industry leader Grand Estates Auction Company, with an unsurpassed closing success rate for luxury real estate auctions, sold a stunning six-bedroom waterfront estate in exclusive Lake Geneva., at absolute auction on May 19th.

As a result of an intensive international marketing and public relations campaign, the elegant estate situated on 1.82 acres along Geneva Lake’s shore generated more than 55,000 unique website visits from 11 countries including the United States, France, Italy, Canada, United Kingdom, Australia, Hong Kong, Portugal, Serbia, Mexico, and China; received more than 430 inquiries; was previewed by more than 75 groups in a five-day period leading up to the auction; and had 16 registered bidders on auction day.

“We were able to attract interest from a large pool of interested buyers from throughout the world resulting in this record-breaking sale,” stated Grand Estates Auction Company Director of Sales Development Stacy K. Reich. “A Grand Estates absolute auction combines one-of-a-kind properties, extensive marketing, thorough due diligence, and the air of excitement that only live auction can create. Contracts are signed, earnest money is in escrow, and both the seller and purchaser look forward to closing within 30 days.”

Sellers of luxury properties in particular are looking for ways to distinguish their property in the marketplace, and are increasingly turning to specialists like Grand Estates Auction Company that provide targeted advertising, direct marketing, public relations and social media marketing to attract a qualified global audience. Unlike traditional listings where local traffic is the driving factor, live auctions attract a select pool of qualified and highly interested bidders nationwide and beyond.

“The Grand Estates team was extremely professional and expertly managed a successful auction sales and marketing campaign,” stated Diane Taillon of Arbor Crowne Properties. “The absolute auction process generated tremendous interest that far surpassed the activity level of a traditional listing and resulted in obtaining true market value for the property.”

Absolute auctions require no minimum bid or reserve price and are growing in popularity with buyers and sellers of luxury real estate throughout the world due to their timeliness and transparency. There are no contingencies, no lengthy negotiations, and timelines for closing are already established.

“I was so impressed with the Grand Estates Auction Company team,” stated Loretta Rosenmayer, a bidder at the Lake Geneva absolute auction. “You were all warm, welcoming, gracious, unpretentious, playful and yet very professional and informative. Collectively you fostered an atmosphere of comfort and support.”

Grand Estates Auction Company is the leader in the niche market of auctioning luxury real estate, specializing in properties valued at $2 million and above throughout North America, the Caribbean, and select international destinations. Based in Charlotte, N.C., the company was established in 1999 and was the first of its kind. Recent auctions include the record-breaking sale of an $11 million dollar home in Bay Harbor, Mich., and the highest recorded sale in Racine since 2006.