Beachfront Mansion Set for J.P. King Auction Sells in Advance for $1.9 Million.

PONTE VEDRA, Fla. -- Retired Merrill-Lynch executive Chuck Humm's beachfront mansion scheduled for auction on Friday has been sold prior to auction for $1.9 million, according to J.P. King Auction Company, which managed the sale.

"While we normally sell properties at auction, we had a situation in which the buyer preferred to pre-empt the auction event itself and make an offer that was acceptable to Mr. Humm," said Craig King, president of J.P. King. "This happens on occasion, and we're delighted we were able to get a positive outcome for our seller," he said.

The name of the buyer was not disclosed.

King said the firm was contacting prospective bidders to let them know the property had been sold.

"We're contacting those who have visited the property or expressed an interest in bidding. We want to do all we can to make sure nobody is inconvenienced," he said.

Humm said he was pleased with the outcome. "I was excited about the auction process itself, but the goal is to get the home sold, and we accomplished that," said Humm, former vice president of sales and marketing for Merrill-Lynch Credit Corp.

The home is located on the Atlantic Ocean, sheltered by the Guana Tolomato Matanzas National Estuarine Research Preserve.

J.P. King is the nation's largest auction marketing firm specializing in the sale of mansions, condominiums, land, developments and other high-value properties. Upcoming sales include condominiums in Wisconsin, luxury homes in Texas and Washington, and land in Utah and Colorado. Individuals interested in more information about those and other upcoming sales may contact J.P. King at [phone] or visit the company's web site at www.jpking.com.