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Unprecedented auction with no reserve bid produces $3.4 million sale of Quebec mansion

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guest | 14 Jul 2011, 02:29 PM Agree 0

The grand waterfront Hudson estate was initially listed at $6.9 million in 2008. It has eight bedrooms and is 17,000 square feet, featuring an indoor pool, a separate guest house, and a secret passage.Open-outcry auctions are more common outside of Canada, in countries like Australia and the U.S., but the owners said the method helped fetch a price higher than expected. There were 23 bidders following 200 showings.According to the Montreal Gazette, this was believed to be an unprecedented event in Canada where there was no reserve bid for a luxury estate. The newspaper said the auction could be part of a larger trend of Canadians seeking alternatives to Realtors.Considering the current municipal evaluation of the estate is more than $4.3 million, the property may have sold for below market value through the auction.But mansion owners John Hooper, 70, and Diane Bradshaw, 65, said they went with the auction option after having no success with traditional methods of selling the property with an agent for two years. The winning bid went to a Quebec woman whose identity was not disclosed.North Carolina-based Grand Estates Auction Co. staged the auction and said it was hoping to do more of the same with other properties in Quebec.
  • brandon | 14 Jul 2011, 09:36 PM Agree 0
    Why was an AMERICAN company selling CANADIAN property?
  • brandon | 14 Jul 2011, 10:36 PM Agree 0
    Why was an AMERICAN company selling CANADIAN property?
  • Rosy Saadeh | 15 Jul 2011, 04:09 PM Agree 0
    I agree with @brandon. And also, why was he not willing to lower his price when he was listed, and then threw caution to the wind and put it up for auction, ultimately selling it for less than half the original asking price? It boggles the mind somewhat.
  • Rosy Saadeh | 15 Jul 2011, 05:09 PM Agree 0
    I agree with @brandon. And also, why was he not willing to lower his price when he was listed, and then threw caution to the wind and put it up for auction, ultimately selling it for less than half the original asking price? It boggles the mind somewhat.
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