A picturesque seaside estate in Massachusetts first listed for $9.8 million will hit the auction block without a reserve price in November.
Surrounded by manicured grounds and award-winning gardens, this private retreat in the island of Nantucket features 4,634 square feet of living space, with four bedrooms, four bathrooms and a guest house, the listing shows.
The 6.75-acre property will sell without reserve, meaning the highest bidder will become the new owner upon closing of the auction, which will take place Nov. 17 via Concierge Auction’s website.
Property records show the seaside home was bought by current owner Tyler Olbres in 2008 for $3.15 million.
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"I moved to California in 2012 to start my winery, Nellcôte. Since then, I have only visited the property during the annual Nantucket Wine Festival each May and a few weeks each summer," said Mr. Olbres. "We believe it’s time for the property to be enjoyed by a new family."
The estate was listed for $9.8 million in May 2016 but the listing was removed later in December.
"We took the time to re-evaluate the market, the pricing, absorption levels and we switched real estate agent representations," Mr. Olbres said. "During this process, we had the agent list the property at what they believed to be the appropriate market value."
The property was relisted this October for $4.975 million—almost half of the original listing price.
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According to Mr. Olbres, he recently decided to auction the property because it provides him with control to move the home quicker than waiting it out on the market, especially as it heads into a slow season on Nantucket.
Built in 1984, the four-bedroom main house includes a master suite with high ceilings, French doors, a fireplace, skylight and a private deck overlooking a koi pond. The guest pavilion offers cathedral ceilings, an expansive kitchen, multiple French doors, two showers and a sauna.
The outdoor area features a formal garden that won the Hunnewell Gold Medal in 1993 from the Massachusetts Horticultural Society for "Outstanding Design On An Estate Over Seven Acres." Besides the garden, an expansive and manicured yard, a patio, a private saltwater pool and an outdoor shower complete the estate.
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"It’s too early to tell as we just started marketing the property, but we anticipate the appropriate market price will be achieved," said Bob Buttaro, the project sales manager at Concierge Auctions.