NAPA, Calif. (PRWEB) November 25, 2011
Pacific Union International (PUI), the San Francisco Bay Area’s premier international luxury real estate brand, together with Sheldon Good & Co. and the family of the late, legendary winemaker and philanthropist Robert Mondavi announced today the stunning, 11,500 square-foot home situated on 57 acres in Napa Valley sold at auction. The estate was originally listed for $25 million; the published auction reserve was $13.9 million. The sale terms, including closing price and buyer, were not disclosed.
"Auctions create awareness of exclusive properties and drive focused sales interest, especially in unique, high-end properties. Many real estate firms shy away from auction sales out of fear of fostering an aura of distress or foreclosure. Unlike other firms in the Bay Area, Pacific Union embraces this selling model and is eager to offer more properties at auction,” said Mark A. McLaughlin, president and CEO of Pacific Union International. “Based on the successful conclusion of this transaction, we anticipate three or four more headline properties, each with a unique story and appeal.”
The Mondavi Napa Valley estate—perched atop a private mountaintop with 360-degree views—has been in the winemaker’s family since the 1980s. The property was sold via sealed bid auction by Sheldon Good & Company, a portfolio company owned by Racebook Capital and America’s leading real estate auctioneer in cooperation with Pacific Union International. The 11,500-square-foot home is set into a grove of 100-year old oak trees on a sprawling 57-acre estate. Pacific Union promoted the property using their extensive database and through its exclusive relationship with Christie’s International Real Estate. Jocelyn Monello of Heritage Sotheby’s represented the buyer.
“We received multiple bids and the auction drew international interest,” said Jane Garassino-Blecksmith, Pacific Union Real Estate Professional and co-listing agent.
“The success of this auction is a market changer for West Coast properties—and clearly illustrates the Pacific Union team is poised for more,” added Chuck Sawday. Pacific Union Real Estate Professional and co-listing agent.
Sealed bids were submitted to Sheldon Good & Company on November 16, 2011.
EDITORS NOTE: Images available upon request.
ABOUT PACIFIC UNION INTERNATIONAL: Pacific Union International (PUI)
PUI is the San Francisco Bay Area’s premier international luxury real estate brand operating in six counties including Alameda, Contra Costa, Marin, Napa, San Francisco and Sonoma for 35 years. Locally owned, PUI leadership operates with an entrepreneurial mindset and unwavering commitment to invest in the right people, processes and tools to ensure deep, long-standing client and agent relationships. In 2009, its team of over 425+ brokers achieved #1 ranking in average sales price and #1 ranking for professional productivity in all six counties. Through its exclusive relationship with Christie’s International Real Estate in the San Francisco Bay Area, Pacific Union delivers international reach in its property marketing programs and provides clients with access to international investors.
ABOUT ROBERT & MARGRIT MONDAVI: Robert Mondavi is considered one of the world’s most notable wine makers, an innovator in both viticulture and marketing, He led a group of charismatic vintners who brought international attention to the wines of the Napa Valley and made them a global standard. Together with his wife Margrit, an innovative wine marketer and ambassador in her own right, Mondav worked with architect Cliff May and Robert’s son Michael Mondavi to create a house that suited their life perfectly. A classic of California design, this serene and comfortable home is a reflection of the Mondavi family’s passion for a life well-lived.
ABOUT SHELDON GOOD & COMPANY: Sheldon Good & Company is America's premier Real Estate Auctioneer.