Beacon Hill auction draws no bids
About 40 people – prospective buyers, real estate brokers, spectators and employees of Great Rock LLC – turned out for an auction Wednesday night of a distinctive single-family home on the Flat of Beacon Hill, but no one bid on it.
The minimum asking price was $4.975 million for the completely restored five-story home, built in 1869.
“There was a ton of interest at varying levels from those that e-mailed, logged into the website, purchased the bidder’s package and pre-registered,” said Jeremy Freid managing principal of Great Rock Auctions.
“But at the end of the day, we need to find that one buyer who wants to buy that one house. Now we’re going to negotiate on a post-auction basis,” Freid said.
Bruce Sayre of Great Rock Auctions was the auctioneer.
“The auction was a marketing tool and generated a lot of interest,” said Tracy Campion of Campion and Company Real Estate, one of the realtors who had listed the property 17 months ago for $8.95 million.
Said John Neale of Sprogis & Neale Real Estate, the other co-broker, “Sometimes people get caught up in the auction process and lose sight of the property. It’s a fantastic house, and it’s one of the best renovations in the city.”
The home is assessed for slightly more than $3 million.
Developer Peter Georgantas and his wife Elizabeth acquired the house in 2006 and spent more than two years rebuilding and restoring the property.
Every section of the house from the foundation to the roof deck is new, except for the front façade.
The expansive French bistro-style kitchen features a large center island and high-end appliances.
The most up-to-date technology was built into the home, and all of the new components are historically accurate.
Now that the auction is over, the home will be placed on the market again.
Originally, two properties were to be auctioned March 3, The other was a three-level, 2,373-square-foot condominium at 25 Lime St., which is also on the Flat of Beacon Hill.
However, a buyer signed a purchase-and-sales agreement this week. Freid said he expected the sale to be consummated within seven days. The triplex had undergone a total restoration, and its minimum asking price was $1.195 million. Freid declined to say what is the selling price.
