Platinum Luxury Auctions Produces Highest Residential Sale Price in St. Thomas History

ST. THOMAS, U.S. Virgin Islands, Dec. 16, 2014 /PRNewswire/ -- Platinum Luxury Auctions, a specialized auction firm with a lengthy track record of multimillion-dollar property sales, is pleased to announce the pending sale of Villa Whydah, a four-acre, pirate-themed estate on the westernmost tip of the Caribbean Island of St. Thomas, USVI. While details on the final sale price will not be released until the transaction closes, Platinum and its brokerage partner for the sale, USVI Sotheby's International Realty, have confirmed that the price is "well in excess" of the auction's $6 million reserve, and that it has set a new record for residential properties on the island of St. Thomas.

Although Platinum planned for the auction to be held at the property, all of the bidders elected to participate in the auction remotely. "Given the nature of the bidding audience, we created a virtual bidding environment, with a live bidding room digitally streaming an audio/video feed to each bidder," stated Bradley Pruitt, Platinum's director of sales. Interestingly enough, the highest bidder purchased the property site-unseen, a scenario that the firm says is exceptionally rare, especially for a record sale.

"If you told me two months ago that a buyer would purchase the property for an all-time record price on the island – bidding via telephone and without first visiting the property – I would think you're crazy," joked Trayor Lesnock, Platinum's president and founder. "This is an exceptional testament to the potency of the luxury auction process, and to the purchase motivation it creates for even the most unique real estate assets."

To be sure, Villa Whydah received more than 105,000 website visits and 141 bona fide buyer inquiries during the auction's marketing campaign. According to Platinum, the virtual bidding process lasted only 15-20 minutes, and included 4 bidders who were scattered throughout the United States.

"This is a huge sale for both St. Thomas and the broader USVI market," stated Lee Steiner, cooperating listing broker and principal of USVI Sotheby's International Realty. "Along with a number of other high-priced transactions this year, the auction sale demonstrates the strengthening luxury market in the USVIs. We're already looking forward to the next auction with Platinum's team."

Lesnock credited several key reasons for his team's success in this instance. First, the owner of the property allowed Platinum to use enticing terms to sell the property, placing his faith in the process and in Platinum's sales strategy. Second, Platinum employed some very outside-the-box marketing techniques to intrigue certain "VIPs" throughout the world. For example, its marketing team custom-designed promotional materials such as "treasure maps" that were rolled into tubes and sealed with skull-and-cross-bone-themed wax stamps. The maps contained auction and property details, and identified Villa Whydah with an "X marks the spot." Finally, Lesnock credited his project management team, lead by Mr. Pruitt and associate David Ashcroft, for what he called, "…probably the most thorough follow-up and lead management that exists in this industry."

Considered one of the finest Caribbean properties on the market, Villa Whydah consists of seven structures spanning more than 15,000 interior square feet, with an additional 4,000 exterior square feet. The structures include a main residence with an in-law suite, an outdoor entertainment complex, a stone gazebo, two guest cottages, a stone tower, and caretaker's quarters with a 4-car garage. There are a total of 8 bedrooms, 9 full and 2 half bathrooms, in addition to 3 outdoor showers. The decor and furnishings throughout the estate offer pirate-themed accents, including a lavish office meant to resemble the captain's chambers on a ship, and a "dungeon" which can serve as storage space or a playroom.

For more information about Platinum's upcoming luxury auctions, visit www.platinumluxuryauctions.com.

About Platinum Luxury Auctions
Platinum Luxury Auctions is a market-leading auction firm specializing in the non-distressed sale of multimillion-dollar properties nationwide. The firm's principals have closed more than $375 million in luxury real estate auction sales, and have consulted on more than $1.35 billion in additional luxury properties. Platinum is responsible for developing the luxury auction^SM concept for the real estate auction industry. Learn more at PlatinumLuxuryAuctions.com.

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SOURCE Platinum Luxury Auctions

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