Thirty hopeful onlookers waited for a high bidder at the July 1 no-reserve auction of a property once listed at $10 million. In the end, a phone bidder won with a $1.525 million bid for the 11,000-square-foot hillside estate with sweeping Ashland views.
Auctions attract buyers hunting for unique bargains, says Amy Graham, president of the Oregon Association of Realtors, and the state has seen an increase in homeowners not in foreclosure taking this gamble.
Circle of Teran Ranch, as this 1,100-acre Ashland property is called, was built in 2003 as a residence and retreat center by a hand surgeon and the daughter of the founder of the Raymond James financial services company.
Owners Scott Young and Robin James (who writes under the name Sulara Young) decided to auction the property after years of unsuccessful traditional listings with a series of real estate agents.
Enter New York-based Concierge Auctions.
Potential buyers and curious neighbors wandered into the stained glass front doors to see a 10-sided, double-story great room with a marble fireplace, interior balcony? and one of several giant glass domed skylights.
The house has 11 bedrooms on three levels, 9 1/2 baths and a kitchen with a built-in, restaurant-size pot for boiling a dozen lobsters at a time. A glass conservatory grows fruit trees, even bananas, and outside there is a wind generator and a 200-foot-wide lavender maze.
Out-of-state bidders heard that Ashland is “halfway between San Francisco and Portland.”
Buying a house at auction is unlike your typical real estate transaction. An agent doesn’t write up an offer. The property is sold “as-is” and can include ?furnishings and other structures.
This ranch comes with a 5,000-square-foot barn with stables and a horse shower that is the size of the lone single-car garage.
Each auction has its own rules, terms and conditions but all require preregistration and a deposit. In this case, $100,000 was to be delivered in advance to receive a bidder card. The unidentified winner has 30 days to pay in cash.