The luxury equestrian estate Two Swans Farm found a new owner last month in an Ecuadorian businessman who outbid the competition during a swift 5-minute live auction.
The 10-acre property in the exclusive Oak Estate Farms community sold for $6.87 million, not far from the $7.5 million asking price and after sitting on the market for several years. The official closing was Monday.
Miami-based Platinum Luxury Auctions handled the sale of the European-style horse farm in conjunction with listing agent Matthew Johnson of Illustrated Properties.
Originally listed in 2007 for $9.6 million, the estate came off the market when the economy faltered and real estate crashed. In April 2011, it was re-listed with the discounted price of $7.5 million.
Trayor Lesnock, president of Platinum Luxury Auctions, said the estate attracted five bidders to an auction that quickly ratcheted up to a multi-million dollar sale.
“Two bidders were absolutely slack-jawed,” said Lesnock, about the pace of the auction. “We went up several million dollars within 45 seconds to a minute.”
The sale was the first in Wellington for Platinum Luxury Auctions.
Lesnock said the winning bidder wants to remain anonymous, but that he owns several horses and rides in the hunter-jumper classes. A deed had not yet been recorded in Palm Beach County official records as of Thursday, but Lesnock provided a partial HUD-1 statement as proof of sale.
The estate also includes a 12-stall courtyard stable, a covered arena, a computerized hot walker for training and exercising horses and an air conditioned feed room.
The main living quarters includes a master suite and a guest suite, each with its own full bathroom. There is also a groom’s apartment with two bedrooms and two bathrooms.
Seller Carol Cohen is the widow of Alan Cohen, a former co-owner of the Boston Celtics and the New Jersey Nets.
Lesnock said Cohen has lived at Two Swans Farm full-time for several years and was looking to downsize so she can spend more time travelling and with her daughter. Palm Beach County records show the property, which was then vacant land, was last purchased in October 2002 for $1.2 million by Two Swans Farm, LLC.
“This was the classic case of stacking all the cards in the seller’s favor,” Lesnock said about the sale. “It was conducted in season for Wellington and we did a very, very broad marketing campaign.”