Auction of luxury Sullivan’s Island house aimed at fetching true value - The Post & Courier
Owners of a standout Sullivan’s Island beach house listed at $3.6 million believe they will end up with the best deal by selling to the highest bidder.
Charlotte-based Grand Estates Auction Co. has scheduled an “absolute” auction Tuesday at 2 p.m. at the property, located at 3204 Marshall Blvd. next to Breach Inlet.
In an absolute auction, the highest bidder winds up with the property. There are no reserve prices or minimum offers, although bidders have to pay $35,000 upfront as a registration fee.
Rhonni and Harvey Malino have owned the beachfront property for 14 years, she says.
As described in the auction brochure, the five-bedroom, more than 3,000-square-foot house sits on more than half an acre “just steps from the beach and offers sweeping ocean views from every room.”
Rhonni Malino says she and her husband are planning to move to the Naples, Fla., area. They tried to sell the house via two real estate companies without finding a buyer, she says.
The couple learned about the auction process while in Florida and selected 10-year-old Grand Estates Auction Co. “There are other auction companies but everybody else seemed like an amateur,” Rhonni Malino says. Grand Estates, she says, “is really not in the business of giving homes away.”
The bidding event, advertised in national and local magazines and newspapers, has attracted interest. “The property gets a great deal of exposure,” says Scott Kirk, vice president of Grand Estates.
“A few days ago they had 250 inquiries,” Rhonni Malino says.
Auctions, Kirk says, help set the “true value” of properties because of the extensive marketing and the ability of prospective buyers to bid up the price. In an absolute auction, there’s a sense of urgency since the property will sell no matter what. The high bidder must close within 30 days, he says.
According to the auction company, the Sullivan’s Island home is being sold fully furnished. Features include heart pine floors, 10-foot ceilings, arched windows, antique mantel and other paneling salvaged from an historic Charleston estate, wraparound screened-in porch, irrigation system and four-car drive-under garage.
The gourmet kitchen showcases floor-to-ceiling cherry cabinets and Sub-Zero refrigerator. The master bathroom has a jetted tub, marble countertop and dressing room with built-in storage. There’s a swimming pool — screened by tropical landscaping — and a grilling area on the deck, Grand Estates points out in its brochure.
Noting that she and her husband want to take advantage of bargain prices in Florida’s sagging real estate market, Rhonni Malino says she’s pleased with the auction strategy. “I love the idea that on a specific date, it is going to sell,” she says.
For more information on bidding, visit www.GrandEstatesAuction.com or call (877) 562-8203. The event is not open to the public.
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