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Trophy homes auction planned for September 16th.

Sheldon Good & Company, the nation's largest real estate auction company, has announced the largest single-day offering of "trophy homes" and estate home sites in a multi-property auction of assets in the New York/New Jersey metropolitan area.

The auction will be conducted Tuesday, September 16th at The Hotel Inter-Continental, 111 East 48th Street in Manhattan. Registration begins at 6 p.m., with bidding beginning promptly at 7 p.m.

Steven L. Good, president of Sheldon Good & Company International, announced the auction of properties priced in previous listings with an aggregate value in excess of $23 million. Good notes that the properties are being offered by individual sellers and not by institutions. The assets include seven residences and two land sites, spread out in such highly exclusive locations such as Lloyd Harbor, Mill Neck and Hewlett Harbor, all on Long Island, Tudor City in Manhattan, Pomona in Upstate New York and Far Hills and Montelair in New Jersey.

"This is an unprecedented opportunity for the most discriminating of buyers to acquire the widest variety of trophy homes at auction in one venue," Good said. "Each home is unique in its appeal. We have the largest mountain-top home in Rockland County; a French Normandy wooded estate in Far Hills, adjacent to royalty; an outstanding home site for a palatial residence; and a Tudor City penthouse ideal for in-town entertaining. On Long Island, we have three very distinctive waterfront properties on both shores. The story here is that the trophy home market is embracing the auction as a cogent marketing strategy. Owners have placed their confidence in us in offering their fine properties for sale at auction, much like the owners of free art and jewelry dispose of their prized assets at auction."

Andrew Ocrant, managing director of Sheldon Good & Company Auctions Northeast, said that he has seen a geometric growth in "trophy home" auctions because high-end properties tend to languish on the market for long periods of time. "The auction offers a solution for both buyers and sellers," said Ocrant. "Buyers are uncomfortable in a negotiated sale environment as they are often uncertain as to how much to offer for a truly unique property. Sellers sustain long marketing periods and substantial carrying costs (interest expenses, taxes, maintenance, etc.). The auction facilitates a quick sale, therefore sellers substantially save these carrying costs and buyers obtain a discount on price through shortened marketing periods, creating a true win/win situation."

"Increasingly, buyers are embracing the notion of purchasing their homes at auction because they can acquire great value and find sellers who are committed to sell," Ocrant added.

The properties to be offered at Sheldon Good & Company's auction are:

* Pomona, NY - France Drive, "The Jewel in the Sky": This 20-room mountaintop masterpiece in Pomona, NY, situated on 13 acres in Rockland County, has breathtaking views of New York City, 30 miles away, and the surrounding mountains. The home is comprised of 21,000 square feet of majestic indoor living space and a 5,000 square-foot entertaining patio, making it the largest single-family home in Rockland County. Built in 1987 by the award winning firm of Grosfeld Partnership, the home is a masterpiece of contemporary architectural design and offers seven bedrooms, seven full baths and one half bath, three fireplaces, formal living and dining areas reception hall, family entertainment room, gym, indoor and outdoor regulation racquetball courts, indoor lap pool, outdoor swimming pool, and championship tennis court, virtually a resort unto itself. Original price was $5.54 million. The suggested opening bid is $1.75 million.

* Lloyd Neck, NY - 25 Fort Hill Drive: Adjacent to the historic Fort Hill, this spectacular contemporary estate home overlooking Cold Spring Bay was built for $2.8 million. The estate on two spectacularly landscaped acres offers 9,200 square feet of living area plus 1,700 square feet of outdoor entertaining decks. The 13-room home has five grand bedrooms, three full baths and three half-baths, formal living and dining rooms, spacious entrance foyer, family entertainment room, gourmet kitchen, gymnasium, office and a refrigerated wine cellar which can hold 850 bottles. The home offers an indoor 40-foot lap pool. Suggested opening bid is $700,000.

The Lloyd Neck community is perhaps one of the most exclusive of Nassau County's fabled "Gold Coast" communities. Completely residential, Lloyd Neck's pastoral nature is protected by zoning that allows for a minimum of two-acre homesites and the proximate nature preserves such as Caumsett Pond and Park. The Lloyd Neck community abuts Cold Spring Harbor, which offers a warm village atmosphere.

* Mill Neck, NY - 121 Horseshoe Road: On 1,000 feet of waterfront on Bayville Harbor, surrounded by the finest baronial estates, this architecturally striking waterfront home and guest cottage has been built for entertaining on a grand scale. The home offers a 50-foot quarry tiled gallery, walled courtyard, living room, formal dining room, media room, kitchen, master suite, and guest bedroom. The residence has a 500-bottle subterranean wine cellar. The property is situated on five acres on Bayville Harbor leading out to Long Island Sound. Suggested opening bid for the property is $700,000.

* Hewlett Harbor, NY - 1105 Harbor Road (Five Towns): Hewlett Harbor is one of a small group of elegant waterfront enclaves located strategically close to New York City and Kennedy Airport, yet sheltered enough to evoke comparisons with the upscale communities of the Hamptons. Business magazines list such villages in their annual lists of America's wealthiest towns. Hewlett Harbor pays scrupulous attention to maintaining the very special privacy, security and ambiance for which it is justly known.

The grandly scaled, direct waterfront home has an approximately 50 foot long pier and deep water dockage which will accommodate the largest yachts. All major rooms have water views overlooking a number of uninhabited barriers islands. The flow of the five-bedroom residence is excellent, offering a 90-foot marble gallery, formal living room, family room, formal dining room, casual dining room, kitchen, master suite and maid's room. On the second floor, there is a study and four bedrooms. The residence had previously been on the market for $2 million. Suggested opening bid is $700,000.

* New York City, NY - 5 Tudor City: Used in the Woody Allen film "Manhattan Murder Mystery" and formerly the home of actor Charlton Heston, this two-bedroom, spectacular penthouse offers dramatic views of the Midtown skyline from every window. The private terraces offer great outdoor entertaining space. Located in the Windsor Tower of strategically located Tudor City at the East River just below the United Nations, the full-service building offers a 24-hour doorman, valet service and health club. The fully renovated penthouse (no board approval required) contains two bedrooms, three full baths, a fireplace, formal living room and dining room, kitchen with service area, a musician's gallery as well as two outdoor patios. The property has a colossal party deck that overlooks the entire UN and the East River. Amidst some of New York's most spectacular real estate, this penthouse offers views of the Chrysler Building, Met Life Building, the Empire State Building and the entire Manhattan skyline. Suggested opening bid for the property is $600,000.

* Far Hills, NJ - 159 Lake Road: Wood Duck Pond, a 12-room magnificent French Normandy mansion is nestled on a 10-acre mountain-top estate property, situated in a highly exclusive area with a minimum of 10-acres per home required. The immediate neighbor on three sides is Jordan King Hussein's 500-acre estate. The mansion was built in 1985. The residence is an elegant masterpiece of interior design, capturing the essence of sophisticated country living in a setting with a stream, private spring-fed pond, gardens, terraces, walkways and landscaping cultivated to a level of perfection. The residence contains 12 rooms, three fireplaces, formal living and dining areas with spectacular ceilings, murals and architectural accents, 40-foot reception foyer, game room, fitness center and study.

The property was originally priced at $3.2 million. Suggested opening bid: $1.3 million. The separate home-site parcel's suggested opening bid is $800,000.

* Far Hills, NJ - Mountaintop site: This 25-acre site, approved for building a 13,000 square-foot home, overlooks Ravine Lake in an area of palatial estates. The terrain is ideally suited for equestrian use. The densely wooded area has great views and offers tremendous privacy. The home-site was originally priced at $2.1 million. Suggested opening bid for the property is $850,000. The area "looks more like country estate living of time gone by," according to one real estate executive.

* Montclair, NJ - Brookwood Manor, Stonebridge Road: This magnificent 23-room estate was built between 1906 and 1909 by New Jersey State Senator Edmund B. Osborn. Constructed of steel beam and poured concrete, the mansion offers exceptional architectural details and superb finishes throughout. The buyer may acquire the entire estate or any configuration of three pieces: manor home, carriage home and an additional one-acre homesite. The manor home contains 23 rooms with 11 bedrooms, six full baths and three half-baths and 10 fireplaces. Suggested opening bid for the manor house: $795,000.

The Carriage House has 3,100 square feet, situated on an acre. The structure is configured with a six-car garage on the first level and a two-bedroom apartment above. The plans have already been approved by local authorities to renovate and add on to this venerable dwelling, creating a potential 8,600 square-foot luxury home. Suggested opening bid for the carriage house: $245,000.

The adjacent estate homesite of approximately one acre completes the original estate and is offered with a suggested opening bid of $195,000.

* Yorktown, NY - Taconic State Parkway and Underhill Avenue: This 100-acre land site is primarily flat and wooded, allowing for ease of development. Located only 25 miles from New York City and 15 miles from White Plains, the property offers easy access to the major area employment centers. Zoning is residential one-acre lots. Rezoning opportunities exist for a golf course, congregate care facility or other use. Previously priced at $3 million, suggested bid for the property of $650,000.

Certified or cashier's checks are required to bid on all properties. For additional information concerning Sheldon Good & Company's multi-property trophy home auction, call (212) 213-9770.
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Title Annotation:Sheldon Good & Co's auction on Sep 16, 1997
Publication:Real Estate Weekly
Date:Aug 27, 1997
Previous Article:Real estate investors get wake-up call.
Next Article:Big Six mergers shake-up market.

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