CHICAGO, IL – The sealed bid auction of a majestic 22,800 square-foot waterfront estate situated on the north shore of Lake Washington’s Mercer Island just outside Seattle and the City of Bellevue has been extended to June 30th, according to Sheldon Good & Company, the national real estate firm which is conducting the event.
The extended deadline is a result of the seller’s objective to receive a contingent free contract, indicates Craig Post, managing director of Sheldon Good & Company, A Racebrook Portfolio Company. Previously listed at $40 million and originally offered at auction with a qualified minimum bid of $15 million, the seller has now agreed to accept a minimum bid at or above $12 million to obtain the contingent-free contract.
“The extended sealed-bid deadline is mutually beneficial to bidders and the seller,” says Mr. Post. “For the seller, it provides a few more weeks to accomplish its primary goal of obtaining a contingency free contract. For potential buyers, they’ll have more time to complete their due diligence on the property and consider their bid.”
The Mediterranean-inspired, three-story mansion lies on two manicured acres. The property includes a multitude of formal and informal living spaces, including two master suites, four additional guests rooms, sumptuous master bath salon, three kitchens, personal workout gym, two wine cellars and an indoor sixty-six foot salt water pool.
“The real estate auction is a smart business strategy to sell and acquire truly unique trophy homes. Those on both sides of the auction, purchasers and sellers alike, have come to find tangible value in this marketing and sales method,” Mr. Post adds.
“The auction is now utilized with credibility and confidence for real estate sales and acquisitions in the same way it is for fine art, gold, jewelry, wine, and other rare collectibles. The auction allows the seller to find the market value of the property with buyers naming their price.”
Interiors are defined by the finest natural materials and meticulous attention to detail, from gold leaf cove ceilings and silk wall treatments to Italian marble and hardwood floors. The grandeur of the living space is exemplified by its centerpiece, a one-of-a-kind 12-foot Chihuly Chandelier in the Grand Entry.
Outside, the R. David Adams-designed grounds are a palate of textures and colors year-round, blending masterfully with the mansion’s graceful French limestone and stucco exterior façade. Carefully-planned, the estate is cohesively unified with its landscape and perfectly situated to ensure stunning views of Lake Washington, Seattle and beyond from every window.
The sprawling, lush grounds at the Mercer Island home also feature a sizeable greenhouse, formal outdoor pool with fountains, meandering walking path leading to the lakefront, a stocked trout pond, and a deep water dock that previously accommodated a 140-foot yacht.
Mercer Island is situated just east of downtown Seattle and west of Bellevue, offering quick access via Interstate 90 to some of the State’s most popular entertainment, business and cultural epicenters. Local boutiques, shops and services can be found on the Island.
A Bidder’s Information Packet priced at $75 is a requirement for bidding, as well as a certified or cashier’s check totaling five percent of the total bid. Sealed bids are due at Sheldon Good & Company’s Chicago office by 2:00 pm Pacific Standard time on June 30th, 2010 and should be delivered to Sheldon Good & Company, Attention: Mercer Island Project Manager, 333 West Wacker Drive, Suite 400, Chicago, IL 60606.
Interested bidders can view the estate by appointment only. For further information, please contact Sheldon Good & Company at (800) 315-2199, or visit ¬ http://www.sheldongood.com/mercerisland.php.
About Sheldon Good & Company
Sheldon Good & Company (www.sheldongood.com) is the nation’s premier real estate auction firm. Founded in 1965, the organization is frequently acknowledged as the innovator and leader in real estate auctions by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others. The firm has sold more than 40,000 properties in over 100 asset classes by leveraging its sophisticated accelerated marketing programs and superior real estate expertise. Owned by Racebrook Capital, a private equity firm in New York, Sheldon Good & Company has regional offices in New York, Chicago and San Francisco. Sheldon Good & Company has been rated the premier real estate auction company by a number of prestigious financial publications. The company has aggregate sales of over $10 billion.