A luxurious beach front home in Grand Cayman is going under the hammer at a famous New York venue in one of the first auctions of its kind.
The East End villa is one of 30 properties attracting bidders from around the world at Sotheby’s global property auction, scheduled for Wednesday.
The 5,000 square-foot villa on Colliers Beach, named Stepping Stone, was originally listed for US $7.75m.
But, with no reserve price, the rules of the auction mean it will go to the highest bidder.
Sheena Conolly, the Sotheby’s broker in Cayman, said it was a nerve-wracking but exciting process for the vendor.
Bidding opened online Friday at 6pm and will culminate with the live auction at Sotheby’s, New York on Wednesday.
“We have already had multiple bids and, as of [Monday] morning we were up to US $3.5 million and the auctioneer is not yet in front of the gavel, so we are ahead of the game,” she said.
“The property has had maximum exposure around the world and on Wednesday we will see the best bid we can get.”
Marketing for the Stepping Stone property describes it as a Balinese-style villa.
“A gorgeous beachfront estate awaits the successful bidder, complete with a 120 ft. dock, an expansive terrace, a sunken fire pit, a hot tub, and an infinity pool,” the promotional material states.
Conolly said the event, one of the first global property auctions, hosted by Sotheby’s Concierge Auctions, was an exciting moment for the real estate world.
She said only the most prestigious properties were selected to be involved.
Anyone interested can go to casothebys.com for details.
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So how much commission is Sotheby’s charging on this sale, is it less than CIREBA rates?. Having no reserve price is a big risk for the vendor, one wonders at the reason for this.