Platinum Luxury Auctions Succeeds with Sale of Park City Area Home Sites

In August, Platinum and Summit announced the planned auction of up to four buildable lots within the development, which is located approximately 15 miles south of Park City. One lot was to be sold to the highest bidder without reserve, while the remaining three lots were offered subject to the seller's acceptance, meaning that unlike the auction of the first lot, the highest bids could be accepted, countered or rejected.

However, direct negotiations began for one of the properties immediately prior to the planned auction date of September 30 - which quickly led to the negotiation of two more of the lots - in lieu of a live auction sale. "There's a saying that, 'Sometimes the best auction is the one that doesn't happen,' meaning that the auction event itself was not needed because the mere threat of the auction was enough to produce a sale," stated David Ashcroft, Platinum's director of business development. "That is essentially what occurred here, and it resulted in three of the four lots being sold to the seller's satisfaction, with the sale of the final lot still in negotiations with a small handful of buyers."

Individual lots within Wolf Creek are large, starting at about 160-acres in size. While some of these parcels previously achieved prices around the $1 million mark, sales within the development cooled significantly in recent years, with pricing adjusting downwards. Final figures for the three lot sales have not yet been released, but Mr. Ashcroft reported that each of the sales, "exceeded the price threshold established by the seller at the outset of the auction process."

Occupying 13,200 private acres and with only 80 home sites, Wolf Creek Ranch offers its residents a sense of peace and privacy amidst Utah's beautiful landscape. Community amenities include a well-appointed owners' lodge, an equestrian center, and even an on-site trout-fishing guide.

Those looking for more information on these sales - or inquiring about the status of the remaining auction parcel - may contact Platinum at 800.262.5132 or visit UtahLuxuryAuction.com.

About Platinum Luxury Auctions
Platinum Luxury Auctions specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. The Platinum team has closed more than $525 million in luxury real estate auction sales to date, while consulting on more than $1.85 billion in additional luxury properties worldwide. The firm is responsible for developing the luxury auction^® model for high-priced real estate auctions.

Photo - http://photos.prnewswire.com/prnh/20161108/437192

SOURCE Platinum Luxury Auctions LLC

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