UPDATE: Holy Macaroni. I got into MLS and found that while 6508 Old Gate had been listed for as much as $6.5, the last listing price was just $3,499,999. And it sold at auction for… well, is pending for… $3.4 even Stephen. Not too shabby Concierge Auctions. I am duly impressed!
Remember when we told you how this beautiful, 14,000 square foot beauty up on Old Gate in Kings Gate, Plano, was being auctioned off without reserve? I was so nervous… I was so sure some smarty-pants would come in and offer like $150,000 and the owners would have to say, “sold”! After all, that’s what “no reserve” means!
Well after TEN YEARS ON THE MARKET, 11 bidders later, New York-based Concierge Auctions says the luxury Plano mansion, aka “Grand Gables at Kings Gate”, says it received the highest recorded sales price Thursday for a Kings Gate property in the past four years. It’s also the highest price paid for a property in Plano in one year. I am so dying to get that number, woo hoo! Kings Gate is exquisite, but it is a little out there… same homes on Strait Lane or Lexington would sell much faster. ‘Course we all know the $2.5 million plus market is still warming.
So is the $6.5 market: 6508 Old Gate had been listed for $6.5 million. It’s expected to close in mid-June.
This is super significant for the Plano market, said Jonathan Rosen, the Briggs Freeman Sotheby’s International Realty real estate broker working with Concierge on the auction.
The buyers are local and were looking for a family home. They sure got one!
“There was a cocktail reception, kids running around and finding their bedroom,” says Rosen. “It was a family deal.”
The seller, Jim Broderick, told the Dallas Business Journal the auction exceeded his expectations. Broderick has a home in Jackson Hole, Wyoming. It was not that he was desperate to sell, no pressing financial issues. He just no longer wanted a 15,000 square foot home in Plano. The 14,000-square-foot mansion sits on a double-lot, or 2.21 acres, in the private community of Kings Gate up in Plano. The home has five bedrooms and five bathrooms. There is also a stunning pool and outdoor environment, plus private lake, and jogging trails.
“Auctions are great,” says Jonathan. “They bring on an absolute sell date!”