Dallas Real Estate News You Are Dying to Hear: Champ d’Or Sold at Auction Friday, Has New Owners!

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I have been on pins and needles waiting out this auction, bugging Robbie Briggs and Laura Brady at Concierge Actions all day yesterday. At about eight p.m. last night Robbie Briggs emailed me that “It was a fascinating process, and it appears to be successful.” Today I heard from Laura Brady who said — “we haven’t released details to anyone… the high bidder has formally requested confidentiality about their name and the high bid amount.” Which means the house did sell, we just don’t know for how much and who it sold to.

Great news!

Refresher: the 48,000-square-foot Hickory Creek mansion, known as Champ d’Or, which translates to “Fields of Gold,” was put up for auction by Concierge Auctions out of New York Friday, March 30 with a minimum reserve bid of $10.3 million. Champ d’Or cost about $46 million, took five years to build, and has been sitting on the market for umpteen years. Last market listing was $35 million and at least five local brokers have attempted to shed the house. The Denton County mansion was last appraised for tax purposes at $9.72 million, according to the Denton County Appraisal District. Champ d’Or was modeled after Vaux-le-Vicomte chateau in Paris.

Reading between the lines, I’m wondering if there was a confidentiality clause signed.

I have so many questions: how many bidders were there? Did they meet the reserve? Did they go into private negotiations? Were the bidders actually there? In most auctions, experts tell me they show up 75% of the time, unlike luxury auto auctions. They like to see the process and what they are buying. Sometimes buyers do send their brokers or POA reps.

I asked a veteran local real estate auction expert (who asked to remain confidential) to speculate on a couple of scenarios and tell me what HE THOUGHT went down. Speculation here, folks. What if, I asked, they didn’t meet the reserve yesterday? Let’s say they stalled out at 7 million, he said, you know everyone is staring at each other, they just thank everyone for participating and end the auction. They may take the top bidders aside, say hey we didn’t make the reserve, what are you interested in putting into this property? In other words,  private negotiations begin.

“Pending contract” could mean they are still trying to work out a contract, they didn’t make the reserve and are still negotiating. “Sale pending” may have indicated they made the reserve.

Now let’s say it sold at auction, met the reserve, bingo. Typically, there are no contingencies. If they negotiated privately, the buyer may have said I want to bring in my own inspectors,  etc., which any realtor knows just opens up the door for guess what: more negotiations.

The sprawling estate was drawing widespread interest from buyers across the U.S. and internationally, Laura Brady, vice president of marketing for Concierge Auctions, told the Dallas Morning News’s James Ragland. I know that, because even people from Japan who had seen it on my blog were emailing me about it. A refundable $250,000 cashier’s check was required to register, the number of bidders was confidential. James asked Laura some great questions:

Potential buyers were expressing interest in pursuing “the property for residential purposes, which is how it’s used now,” as well as possibly using it for a business headquarters, she said. Brady said developers also had designs on the property, which is about 40 miles north of Dallas.

 

 

 

 

 

 

 

 

 

Candy Evans, founder and publisher of CandysDirt.com, is one of the nation’s leading real estate reporters.

20 Comments

  1. VIVO Realty on March 31, 2012 at 6:02 pm

    Awesome! I drove by this today!

  2. VIVO Realty on March 31, 2012 at 6:02 pm

    Awesome! I drove by this today!

  3. Deidre on March 31, 2012 at 8:09 pm

    Thanks for the intel! I'm glad it finally sold.

  4. Deidre on March 31, 2012 at 8:09 pm

    Thanks for the intel! I'm glad it finally sold.

  5. Chris on April 1, 2012 at 9:16 am

    Well, you and I both speculated it WOULD sell, but the only question now is for HOW MUCH

  6. Chris on April 1, 2012 at 9:16 am

    Well, you and I both speculated it WOULD sell, but the only question now is for HOW MUCH

  7. Candy Evans on April 1, 2012 at 10:36 am

    Chris, I am so working on that because that is the BURNING QUESTION! Also who bought. Y'all need to stay very tuned!

  8. Candy Evans on April 1, 2012 at 10:36 am

    Chris, I am so working on that because that is the BURNING QUESTION! Also who bought. Y'all need to stay very tuned!

  9. Michael on April 1, 2012 at 10:50 am

    The registration requirements stated that anyone who registered was required to place a bid at or above the minimum reserve and if they didn't place a dollar amount it was assumed they were bidding at the minimum starting bid. This would mean that at least the house will sell at 10.3 million.

  10. Michael on April 1, 2012 at 10:50 am

    The registration requirements stated that anyone who registered was required to place a bid at or above the minimum reserve and if they didn't place a dollar amount it was assumed they were bidding at the minimum starting bid. This would mean that at least the house will sell at 10.3 million.

  11. […] have so many questions: how many bidders were there? Did they meet the reserve? A reader on CandysDirt pointed out they must have because, in order to bid, you agreed to start at t…. (Unless, as someone else said, they dropped the reserve at the last minute…) Did they go […]

  12. […] have so many questions: how many bidders were there? Did they meet the reserve? A reader on CandysDirt pointed out they must have because, in order to bid, you agreed to start at t…. (Unless, as someone else said, they dropped the reserve at the last minute…) Did they go […]

  13. […] clause signed.I have so many questions: how many bidders were there? Did they meet the reserve? A reader on CandysDirt pointed out they must have because, in order to bid, you agreed to start at t…. (Unless, as someone else said, they dropped the reserve at the last minute…) Did they go into […]

  14. […] clause signed.I have so many questions: how many bidders were there? Did they meet the reserve? A reader on CandysDirt pointed out they must have because, in order to bid, you agreed to start at t…. (Unless, as someone else said, they dropped the reserve at the last minute…) Did they go into […]

  15. […] deals and agents of the year — and really, truly, I have to say it all started with the April auction sale of Champs D’Or, which made awesome broker agent Clay Stapp a mighty happy man as he brought the buyer. I expect […]

  16. […] deals and agents of the year — and really, truly, I have to say it all started with the April auction sale of Champs D’Or, which made awesome broker agent Clay Stapp a mighty happy man as he brought the buyer. I expect […]

  17. […] estate deals and agents of the year — and really, truly, I have to say it all started with the April auction sale of Champs D’Or, which made awesome broker agent Clay Stapp a mighty happy man as he brought the buyer. I expect […]

  18. […] estate deals and agents of the year — and really, truly, I have to say it all started with the April auction sale of Champs D’Or, which made awesome broker agent Clay Stapp a mighty happy man as he brought the buyer. I expect […]

  19. […] Creek mansion (basically Denton), known as Champ d’Or, which translates to “Fields of Gold,” was put up for auction by Concierge Auctions out of New York March 30, 2012 with a minimum reserve bid of $10.3 […]

  20. […] Creek mansion (basically Denton), known as Champ d’Or, which translates to “Fields of Gold,” was put up for auction by Concierge Auctions out of New York March 30, 2012 with a minimum reserve bid of $10.3 […]

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