Luxury Auction® Sale of NASCAR Family's FL Home Narrowly Misses All-Time Price Record

France Family's Daytona Mansion Sold by Platinum Luxury Auctions on June 3rd

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Jun 29, 2017, 12:43 ET

DAYTONA BEACH, Fla., June 29, 2017 /PRNewswire/ -- The evening prior to the June 3^rd auction sale of the Daytona Beach riverfront residence of the late Bill Jr. and Betty Jane France - members of NASCAR's founding family - the Daytona Beach News Journal speculated that the sale could fetch the all-time price record for a single-family home in the Volusia-Flagler County market areas. That record is believed to be the $5.25 million sale of an oceanfront property in the Palm Coast's Hammock Dunes community, which occurred in the headier markets of 2004. (For time-adjusted perspective, that home is currently offered for re-sale at only $2.975 million).

Platinum Luxury Auctions has announced the successful sale of a riverfront estate in Daytona Beach, FL owned by the France family, the founders of NASCAR. The property offers 3.8 acres and more than 325 feet of water frontage on Daytona’s Halifax River. The sale price of slightly under $5 million narrowly misses the Flagler-Volusia County all-time residential price record of $5.25 million, which was for the sale of an oceanfront mansion in 2004. Discover more at PlatinumLuxuryAuctions.com.

However, Miami-based Platinum Luxury Auctions - the luxury real estate auction firm that handled the auction - has announced the price will likely occupy the second place position in the record books, although it technically could have taken the top spot. "In this auction, we offered an incentive program that allowed those bidders who placed bids in advance of the live auction sale to receive a pricing discount based on the amount of their opening bid," stated David Ashcroft, Platinum's Director of Business Development and a spokesman for the sale. According to Mr. Ashcroft, the winning bidder of the auction received such a discount, which adjusted the final sales price to just under $5 million, before adding closing costs. "Without the adjustment, the gross price paid by the buyer would have been right around or above that $5.25 million number, but this is a 2017 market - not a 2004 through 2006 market - so our client was pleased with the overall result," he added.

Although never previously offered for sale, the waterfront estate had a "just value" of $5.198 million in 2016, as per the Volusia County Property Appraiser (2017 valuations are not yet available).

Platinum, which also served as the exclusive real estate brokerage for the transaction, reported that a total of eight bidders registered for the live auction sale, which took place within the property on the morning of June 3^rd. The winning bidders are reported to be a Florida couple that wishes to remain anonymous.

During Platinum's 5-week, international marketing campaign that preceded the auction, the property's website received more than 31,700 pageviews from more than 14,500 unique visitors. While interested parties inquired from all over the world, all auction participants were U.S-based, with about two-thirds of the audience being from the Volusia-Flagler area. "While we always market our properties globally, the bidding audience is often ultimately comprised of folks who would be expected to respond to a purchase opportunity in the given marketplace, although there are exceptions," noted Trayor Lesnock, Platinum's president and founder. "The Daytona marketplace simply doesn't attract the international crowd that a Palm Beach, Miami, or similar Florida market would."

After Bill France Jr. passed away in 2007, Betty Jane lived in the home until her passing in August of 2016. Rather than list the home for sale traditionally, the family retained Platinum to sell the property at auction, rather than endure what they expected to be a lengthy listing period. Bill Jr.'s father, Bill France Sr., founded the National Association for Stock Car Auto Racing - or NASCAR - in 1948. The France family has maintained ownership of the once-modest business as it evolved into a motorsports empire.

The estate occupies 3.8 manicured acres with 325 feet of water frontage on Daytona's Halifax River. There is also a 150-foot boat dock, custom pool, outdoor kitchen/bar, and various loggias and terraces offering beautiful water views. Its main residence offers more than 17,000 square feet, while a separate guesthouse adds another 1,700 square feet. In total, there are 5 bedrooms, 7 full and 6 half baths. Property features include a grand "River Room" for entertaining, a commercial-grade elevator, dual spiral staircases, a "hidden" wine cellar and tasting room, a private hair salon, gourmet kitchen, fitness center, built-in home audio system, and a fleet of 24/7 surveillance cameras.

The sale is scheduled to close before the July 4^th holiday. Additional information is available at PlatinumLuxuryAuctions.com, or by contacting a Platinum representative at 800.262.5132.

About Platinum Luxury Auctions

Platinum Luxury Auctions is responsible for developing the luxury auction^® model for high-priced real estate auctions. 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 $684 million in luxury real estate auction sales to date, while consulting on more than $2 billion in additional luxury properties worldwide.

SOURCE Platinum Luxury Auctions