A New York businessman has acquired the title to a Florida waterfront estate originally built for Dick Yuengling of the eponymous beer empire, according to Platinum Luxury Auctions. The purchase price was $6.4 million.
Trayor Lesnock, president and founder of the Miami-based luxury auction house, said there was a bidding war at the auction. "We had nine bidders at the live auction, which is very impressive given that the auction occurred at the height of financial market fluctuations amidst the media's 'Brexit' coverage," he said.
According to Mr. Lesnock, the winner is a New York-based businessman, who intends to use this new home as his primary residence in Florida. He declined to be interviewed.
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The Mediterranean-inspired house in Fort Lauderdale, Fla. offers nearly 11,800 square feet of interior space, with six bedrooms, seven full bathrooms and two half baths. Marketed by Platinum Luxury Auctions as a "Boater’s Paradise," the property has a dockage that can host a 140-foot yacht, or several small-to-midsize vessels.
It was on the market for four years with an asking price as high as $10 million. When it was auctioned June 30, the starting bid was $4 million with an additional 10% fee.
To participate in the auction, all the bidders had to make a $250,000 deposit and meet other requirements. The deposit was refunded to all the other bidders except the winner, who was the highest bidder. Afterwards, he had 30 days to close the deal.
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A unique waterfront estate in Florida has its own pool of interested buyers, the property’s association with a recognizable name adds to its appeal, but the key is "ensuring that those buyers will all 'fall into place' for a successful auction sale," said Mr. Lesnock.
However, Mr. Lesnock noted that international buyers were missing from the auction. "We normally have one or two foreign bidders at each of our auctions," he said. "For this particular property, the nine bidders are domestic, with a majority of them coming from across the eastern seaboard."
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That jibes with the overall buying trends in Florida’s luxury residential market. As international buyers have dwindled, New York has become the main source of domestic buyers in Miami-Dade County, a recent survey showed.
Write to Fang Block at fang.block@dowjones.com