CHICAGO, IL – Sheldon Good & Company announced today the successful auction of a 22,800 square-foot waterfront estate located on the north shore of Lake Washington’s Mercer Island just outside of Seattle and the City of Bellevue.
The sealed bid auction generated considerable interest in the public and brokerage sectors, culminating in a $12 million sale — one of the highest sale prices achieved for a single-family estate home in the northwest in 2010. The purchaser plans to use the home as a private residence.
“The sale of this home at auction tells a much different story than what has typically been reported regarding the decreased interest in the luxury single-family home market,” says Craig Post, Managing Director at Sheldon Good & Company, A Racebrook Portfolio Company. “It proves there are buyers in the marketplace today ready, willing and able to move forward on purchases of high-end, estate properties. It also reflects how the auction process has evolved into an effective avenue for sellers to gauge the market and receive competitive offers.
“There aren’t many brokers who have successfully sold $10 million-plus homes this year,” Mr. Post continues. “The ability of an auction to generate such a significant purchase price is additional proof of how we can work with owners and buyers through the bidding process to achieve a successful outcome for all parties involved.”
“Our home had been on the market for almost four years without any significant buying interest. Selling had become a dilemma and we realized we had to take a more proactive approach,” said Charles Lytle, President of Lytle Enterprises and owner of the Mercer Island estate.
Lytle continued, “Roughly about this same time, we were contacted by Sheldon Good & Company and fell in love with the auction process. The auction allowed us to sell the property very quickly and at a market price. We were thrilled. As true professionals, with extensive experience in dealing with high-end real estate, Sheldon Good & Company made the process smooth and effortless.”
The Mediterranean-inspired, three-story mansion lies on 1 ½ 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.
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 professionally landscaped grounds are a palate of textures and colors year-round, blending masterfully with the mansion’s graceful French limestone and stucco exterior facade. 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.
About Sheldon Good & Company
Sheldon Good & Company (www.sheldongood.com) is the nation’s premier real estate auction firm. Founded in 1965, the company has sold over 40,000 properties in all asset classes via real estate auction. Our innovation is widely acknowledged by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others. Owned by Racebrook Capital, a private equity firm, Sheldon Good & Company’s headquarters are located in New York City, with primary offices in Chicago, Denver, Scottsdale and San Francisco — and strategic locations nationwide.