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 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.
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.