Platinum Luxury Auctions and USVI Sotheby's Produce Another Record Sale on St. Thomas

ST. THOMAS, U.S. Virgin Islands, June 23, 2015 /PRNewswire/ -- Platinum Luxury Auctions, a specialized auction firm with a lengthy track record of multimillion-dollar property sales, is pleased to announce the sale of a beachfront property located in famous Magens Bay on the Caribbean island of St. Thomas. Platinum and its brokerage partner for the sale, USVI Sotheby's International Realty, reported that the property was placed under a non-contingent contract for $6 million as a result of negotiations that began immediately prior to the planned auction on June 13^th. Closing occurred on June 22^nd. Lee Steiner, a principal and co-founder of USVI Sotheby's, was the listing agent for the transaction.

The Magens Bay sale is the second successful transaction conducted by Platinum and USVI Sotheby's. In December 2014, the firms combined to set a new, all-time record sale for residential property on the island of St. Thomas. That sale, for a large estate known as Villa Whydah, was recorded at $8.9 million, well in excess of the auction's $6 million reserve price. The sale closed within two weeks, courtesy of a Michigan-based buyer who was bidding on the property sight-unseen.

Platinum and USVI Sotheby's are now responsible for two of the highest residential sale prices ever achieved on St. Thomas, with the Magens Bay sale tying the third-highest sale on the island. The second-highest sale, for a large-acreage, waterfront property on exclusive Hassel Island, reportedly sold for nearly $6.6 million in early 2015.

"Our team is very pleased to post another record sale on St. Thomas in cooperation with Lee Steiner and USVI Sotheby's International Realty," noted Trayor Lesnock, Platinum's president and founder. "By combining our luxury auction platform with Sotheby's international marketing pipeline, we're able to effectively expedite what is typically a very long sales process for luxury Caribbean properties."

Brad Pruitt, Platinum's director of business development and Caribbean property specialist, stated that the response to this property offering was particularly robust. "There were over 50,000 hits to the property's auction website, and more than 140 buyer inquiries from across the globe. Sellers of luxury properties in the Caribbean islands simply don't have access to this type of audience under the traditional brokerage process."

According to Platinum, the purchaser of the property is a U.S.-based businessman who acquired the home for personal use. "The buyer had a number of questions about the estate's beach and water frontage, so we actually hopped into the water and recorded iPhone videos for him, then sent them along via e-mail," Pruitt added. "It was a good sign he was sincerely interested."

Situated on what is considered one of St. Thomas's most desirable beaches, the multi-structure Magens Bay residence offers striking views of the bay's waters and surrounding vegetation. There are 9-bedrooms and 9.5-baths, and interior amenities include a gourmet kitchen, fitness center, billiards room, and large living and dining salons. Outdoor living areas feature a pavilion, Zen garden, wet bar, and two pools. The residence also has "private access" to the beach, which is located just a few steps beneath its lowermost deck.

For more information about Platinum's upcoming luxury auctions, including a $5 million woodland estate Iowa, an $18 million riverfront estate in Ontario, Canada, and several auctions in New York, visit PlatinumLuxuryAuctions.com.

About Platinum Luxury Auctions
Platinum Luxury Auctions is a highly specialized marketing and auction firm, with a focus on the non-distressed sale of multimillion-dollar properties within and beyond the United States. The Platinum team has closed more than $393 million in luxury real estate auction sales, and has consulted on more than $1.4 billion in additional luxury properties. Platinum is responsible for developing the luxury auction^SM concept for the real estate auction industry.

SOURCE Platinum Luxury Auctions