WEST LINN, Ore., Oct. 26, 2021 /PRNewswire/ — This Saturday, October 30, a unique property in Oregon’s Willamette Valley region that recently asked $38 million will be offered for sale at luxury auction® featuring a live, real-time bidding process. The auction is being managed by Miami-based Platinum Luxury Auctions in cooperation with listing brokerage of record Luxe Christie’s International Real Estate in Lake Oswego, Oregon. A reserve price of $3.25 million means the highest bidder who meets or exceeds that amount will be the property’s new owner on Saturday. Those buyers with interest in bidding must register with Platinum by a deadline of 5:00pm PT on Friday, October 29.
Bestowed with the name Pacific Place by its current owners, the West Linn property boasts attributes that make it truly unique in the realm of Willamette Valley luxury properties. For starters, its 32-acre lot is a rare, peninsular (or «point lot») shape, creating 2,700 feet of frontage on the Willamette River. This frontage includes areas of sandy shoreline, perfect for waterside recreation or relaxing. The property’s residence is also sited in a «grandfathered in» position that is much closer to the water than permitted under applicable zoning rules, making the property quite literally irreproducible.
Pacific Place’s residential structure – a sprawling, tri-level estate of approx. 50,000 square feet – was built by highly regarded homebuilder Tom Avgerakis, a leader in the build of luxurious homes throughout the pacific northwest. Avgerakis and his team completed initial development of the property parcel and framework construction of the residence in the late 1990’s, under the employ of its then-owner.
That owner’s plans then changed, leaving the house’s construction in intermediate stage where it has remained to date. Though still incomplete, the total investment in the property to date – across its three owners – has reached $20 million, according to Trayor Lesnock, Platinum’s founder and president.
«A tremendous amount of capital was deployed to ensure the residence was engineered and built to last several lifetimes. I’ve never seen anything like it,» Lesnock stated, in reference to the impressive condition of Avgerakis’s structural work. «It looks like it was built within the past 2-3 years.»
Lesnock explained that the property’s recent, $38 million asking price was designed to account for the completion of the residence per the updated specs of the current owners, who retained renowned architect Richard Luke in mid-2021 to produce a refreshed design concept. «Whomever elects to bring Luke’s vision to life will enjoy the epitome of luxury living in the pacific northwest,» he stated. The property has also benefited in recent years from structural upgrades to the residence in addition to various improvements to the grounds, such as new landscaping, irrigation and security fencing.
While the property has not been formally priced in its «as-is» state, Lesnock suggested that a figure of approximately $10 million was discussed as the most likely possibility. «A buyer is essentially looking at a $3.25 million reserve compared to what would likely be a list price of $10 million for the property ‘As-Is.'» He clarified the auction offering is for the property in its «As-Is» condition, without the sellers being obligated to finish the home and instead allowing the new buyer the chance to fulfill her own plans.
Though substantial customization is possible while completing the home, some of the more notable, existing features include a regulation-sized, indoor basketball court that’s been reinterpreted as a grand ball room with artistic wine display, a sprawling «automotive spa» with a drive-up bar, and an outdoor pool with resort-style deck and lounge.
Interested buyers seeking more information on the luxury auction can visit OregonLuxuryAuction.com, or contact Platinum’s project manager, Aaron Carmody, at 800.593.4177. Property previews are available only by private appointment between 11am and 5pm PT daily, through the close of Friday, October 29. Only registered bidders may attend the live auction event. Contact Platinum for registration details.
About Platinum Luxury Auctions: Platinum Luxury Auctions is responsible for developing the luxury auction® model for high-priced real estate auctions and owns the federal trademark rights to the term «luxury auction.» The firm specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. Platinum’s team has closed more than $1.065 billion in luxury real estate auction sales to date, while consulting on more than $2.7 billion in additional luxury property assets worldwide.
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SOURCE Platinum Luxury Auctions LLC