Reserve Off Luxury Property Auction Of Contemporary Compound In Malibu, California With Views Of The Pacific Coastline

MALIBU, Calif., May 20, 2013 /PRNewswire/ -- Concierge Auctions is pleased to announce that the reserve is now off the Malibu, California auction of a contemporary, gated estate located on 10.2 private acres with five uniquely designed structures — ideal for live, work and play. Originally offered for $12.5M, the seller has agreed to accept an opening bid as satisfaction of the reserve requirement, so the property will now sell to the highest bidder during a live auction on May 30th. Also selling: an adjacent, 10-acre lot with completed and approved plans to build another architecturally significant residence and separate guest suite, originally offered for $2.5 million and with a $999,000 reserve. The properties will sell separately or collectively in cooperation with Dustin Cumming and Danelle Lavin of Hilton & Hyland, an affiliate of Christie's International Real Estate.

Located at the end of a 650-foot-long driveway at 5757 Trancas Canyon, the glass and steel main residence was constructed loft-style with an unconventional floor plan that offers multiple nooks and comfortable living spaces. Designed by Busch Design Build as three volumes connected by two towers, this tri-story residence abuts the beautiful Santa Monica Federal Park, stretching from the Oxnard Plain to the Hollywood Hills west of the Los Angeles basin offering multiple recreational and educational opportunities. The structure features water roofs, skylights, French limestone flooring, a gated entry for privacy and added security and is entirely computer-controlled. Highlights include a media room, library tower and a 1,250-square-feet master suite, which features 10-foot ceilings, an 8' x 8' retractable roof over the custom-designed bed, a three-sided wood-burning fireplace and a viewing terrace overlooking the canyon. Separately, a poolside building with three studios offers roll-up garage doors, 12-foot ceilings, viewing deck of the ocean, koi ponds and fountains, two-sided fireplace, fireproof storage, full gym, guest suite with full kitchen and viewing deck of the mountains, and a planted roof. Outdoors, residents can enjoy a filtered, salt-water pool (known as one of the largest in Los Angeles), an eight-person spa, a lounging terrace, koi ponds, waterfalls, a zen garden, a massive variety of trees and more than 1,000 drought tolerant plants from around the world.

The adjacent, 10.02-acre parcel at 5744 Trancas Canyon offers spectacular views from the white waters of Zuma Beach to Palos Verdes. Flexible A1-10 allows for horse stables, to take advantage of the property's direct access to over 10,000 miles of trails in the federal park system, or a private vineyard, among other flexible uses. Plans have been completed and approved for a 5,215-square-foot, three-bedroom, three and one-half bathroom home with separate guest suite and swimming pool.

"The fact that this seller accepted an opening bid as satisfaction of the 5757 reserve means the property is guaranteed to sell. Any potential bidders who considered taking a 'wait-and-see' approach should make no mistake — We will have a new owner next Thursday," stated Mike Russo, Chief Operating Officer of Concierge Auctions.

The auction of 5744 and 5757 Trancas Canyon will be held live on May 30th. A 2.5% commission is offered to the buyers' representing brokers. The properties are open for preview daily from 12 to 4pm and by appointment. See Auction Terms and Conditions for full details. For more information visit TrancasAuction.com, call 877.751.8051 or join the social discussion at #TrancasAuction.

About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-end sellers nationwide through an accelerated marketing process that obtains fair market value for high-end properties in a 60-day timeframe. As a preferred auction partner to luxury brokerage firms nationwide, the company has executed auctions from New York to Hawaii and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all 50 states and 38 countries and territories. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury real estate sales over the past 10 years.  For more information, call 888-966-4759 or visit ConciergeAuctions.com.

SOURCE Concierge Auctions