Miami Four Seasons penthouse in Brickell is up for auction with no reserve
After nine years on the market, a penthouse at Brickell’s Four Seasons Residences is heading to auction — with no reserve.
Bidding is expected to start at $2 million for the 5,800-square-foot penthouse with three bedrooms and three-and-a-half baths. Because it is a combination of three units, it comes with four parking spaces and three storage units.
Platinum Luxury Auctions is representing the undisclosed sellers of the 70th-floor unit, said Trayor Lesnock, CEO of Platinum Luxury Auctions. The sellers, a Cuban-American businessman and his wife, have failed to sell the unit for about $15 million since listing it nine years ago. The auction is slated for Jan. 29.
Although voted the hottest area in 2018 and 2019, Brickell has since become crowded with high-rises. The pandemic hasn’t helped sellers; with the rise of telecommuting, many buyers are trading sky-high living for houses that offer outdoor space far from the downtown business hub.
Given the ongoing craze for houses, Lesnock said he expects more luxury condo units — those priced above $1 million — to be auctioned off.
“Ninety percent of the game is exposure,” he said. “Step two, you have [buyers] put up or shut up.”
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The unit’s owners bought paid $4.7 million for it in 2006 and used it as their primary residence during the week. Retired for the last decade, the couple are ready to divest.
“[The owner] had this mentality that if he got a good offer, he would sell it,” Lesnock said. “He doesn’t want to play the guessing game [anymore] of what is the right price and where is my buyer coming from.”
Qualified bidders will meet at the Brickell high-rise in late January and be expected to wear a mask and follow social distancing guidelines. Lesnock said he is anticipating five to seven bidders — the average real estate auction draws four to 15, he said — from across South Florida, the northeast and Latin America.
This story was originally published January 18, 2021 at 7:00 AM.
