High-End Hits the Auction Block

Long associated with desperate sellers and foreclosed homes, auctions are now selling mansions and luxury estates.

By CANDACE JACKSON

Calabasas, Calif.

Last Friday, about 60 people gathered at a 10,300-square-foot French Chateau-style home in a gated community of this wealthy suburb of Los Angeles. Nibbling on fruit salad and croissants, the visitors meandered through the home's large kitchen, checked out the view of the rolling hills or peeked into the movie theater with stadium seating while it played "Pretty in Pink."

They had all gathered to see this seven-bedroom, seven-bath mansion, which was rented by singer Britney Spears between roughly 2008 and 2010, sell to the highest bidder. The home had previously been on the market for as much as $10.8 million; bidding would start at $4.5 million.

"I'm starting to get butterflies," confessed Regina Leon, who owns the home with her husband Jose "Pancho" Leon, a builder and founder of a money-order company. After several of her girlfriends mentioned they were coming by, Ms. Leon had decided at the last minute to cancel her hair appointment to stay to watch the action unfold. Mr. Leon said he wasn't worried, though he admitted he'd gotten only about four hours of sleep the night before.

Once considered a last resort for desperate sellers or for banks unloading foreclosed properties, home auctions are increasingly being used to sell penthouse apartments, waterfront mansions and grand country estates—many of them languishing in an uncertain market after significant price cuts. At Premiere Estates Auction Co., founded 10 years ago, the average price of a home the company auctions is up nearly 40% from a year or so ago, says auctioneer Anthony Fitzgerald. Gadsden, Ala.-based auction company JP King, in business since 1915, has seen inquiries for home auctions above $10 million so far this year double from a couple of years ago, said Craig King, the company's president. In 2010, the company had 11 inquiries for homes above $10 million; so far this year it's had 24. Read more...

Deal to build smart grid on Maui signed

By AUDREY McAVOY; The Maui News and The Associated Press

HONOLULU - Hawaii and Japan signed off on a project Tuesday to build a smart grid on Maui to demonstrate how solar, wind and other renewable energy sources can be integrated into an electrical grid.

The project aims to overcome one of the obstacles that prevent communities from using more renewable energy and create a model for others around the world to follow.

The experiment will involve smart utility system controls in homes and businesses in Kihei, although some electric vehicle charging stations involved will be placed on other parts of Maui.

The Japanese-government-sponsored New Energy and Industrial Technology Development Organization, or NEDO, will invest $37 million in the experiment. The state of Hawaii, Hawaiian Electric Co. and other companies are providing their experience and facilities.

NEDO is an arm of Japan's Ministry of Economy, Trade and Industry. Read more...

BRICS AND MORTAR

The newly minted super-rich are propping up the prestige property market – and this time their motives aren’t just financial

By Robin Bowman

In 15 years of selling in London, estate agent Ben Morris has never been so busy. Sales of super-luxury property in London are booming, fuelled largely by ultra-wealthy foreigners. “Typically I’ll get a call from a buyer who says they’ll be passing through London for 48 hours and they want to see some properties,” says Morris. “I’ve even known people actually buy a multimillion-pound property in that time.” Last year foreign investors pumped £3.3bn into luxury London dwellings. They now make up 27% of buyers, and own some 40% of the city’s prime real estate. These buyers, mainly from BRIC countries, are increasingly eager, it seems, to grab a trophy property. Morris works for Savills in London’s upmarket Knightsbridge. “2011 has been phenomenal. We’re selling lots of properties in excess of £10m (€11.5m),” he says. “Business has come right back following the financial crisis. We’re seeing buyers from Russia, India, Eastern Europe and China – in that order.” In the three months to mid-September, luxury property consultants Barnes reported a 60% rise in foreign enquiries in London.

The UK capital is exceptional for the proportion of foreign buyers it attracts, but two other cities – Paris and New York – also stand out. In the Big Apple, some agents report prices at or near their peak of the second quarter of 2008. In just one week this summer three residences, all priced over $25m, came to market in Manhattan – the most expensive being an 18-room, five-bed apartment for $29m at 640 Park Avenue.

Jonathan J Miller of New York agents Miller Samuel says the proportion of foreign buyers has certainly increased, particularly as the dollar has declined. Over the company’s 25-year history, such investors have accounted for an average of 15% of sales. That has risen to 25% this year. “The activity is originating largely from Europe and Asia but there’s a growing interest from South America, especially from Brazil,” he says. “Russian investment tends to be at the very high end of the market in trophy properties – and Indian investment seems to be gaining. Chinese investment has also shown gains.” Read more...

Sales of Distinction - Kapalua, Maui

Highest Sold Price in Pineapple Hill, Kapalua since 2007

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110 Woodrrose Place closed today for $3M. At $1,000/sq. ft. this is the highest sold price for a home in Pineapple Hill neighborhood since 2007. This superb residence was completely remodeled in 2010 and the layout's changes grandly emphasize the magnificent ocean view. Pineapple Hill is a 99 lots subdivision developed in the mid 80s by Maui Land & Pine. The home was originally built in 1989. The owner decided to go for a total makeover, using the finest material, and the result is stunning.

Isleworth Hosts Another Successful Collegiate Invitational

Isleworth Realty is the Christie's International Real Estate exclusive Affiliate in this luxurious golfing community

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Each year, Isleworth is a proud host to the Isleworth Collegiate Invitational hosted by Texas Tech and the University of Central Florida, an annual amateur golf event recognized as one of the leading college golf competitions in the nation. October marked the luxury residential golf community’s eighth Isleworth Collegiate Invitational featuring 15 of the finest college teams, including this year’s champion the Texas Longhorns. Texas found itself atop the leaderboard on the final day of the three-day competition and claimed its second Isleworth Collegiate Invitational win. Beyond landing the nation’s strongest teams, the tournament has attracted amateur golf’s best individual talent. During their collegiate careers, current touring professionals Bud Causley, Rickie Fowler, J.B. Holmes, Chris Kirk, Jamie Lovemark, Pablo Martin, Webb Simpson and Jhonatthan Vegas all had the pleasure of playing in the Isleworth Collegiate Invitational.

Created in 2004, Isleworth welcomes the best teams in collegiate golf inside its gates each fall for an experience rivaling that of a real major championship. The tournament combines exceptional hospitality, a challenging tournament field and one of the best conditioned courses in the world. Isleworth's magnificent greens, fairways and lakes are a sight to behold, but beyond its beauty lies a golf challenge unlike any other. A par-72, 7,544-yard championship course originally designed by Arnold Palmer and Ed Seay and later redesigned and enhanced by Steve Smyers, Isleworth consistently ranks as one of the longest and most difficult courses in Florida and is home to a number of world-renowned PGA professionals. Besides taking on one of the most trying courses, Isleworth Collegiate Invitational players get to compete in front of their idols.

For host schools Texas Tech and UCF, the Isleworth Collegiate Invitational is an important recruiting tool for their top-ranked golf programs because potential recruits look to play in the best tournament schedules on the most challenging courses available. For Isleworth Realty, the collegiate tournament serves as an opportunity to form relationships with up-and-coming golfers who will need a quality training ground once they turn professional.

Clinton vowing to ‘lock in’ investment in Asia-Pacific

By JAYMES SONG, The Associated Press

HONOLULU - Secretary of State Hillary Rodham Clinton on Thursday vowed to expand U.S. engagement in the Asia-Pacific by building trade ties, reinforcing alliances and continuing to press for democratic reforms in authoritarian nations like China and Vietnam.

In a nearly hourlong outdoor speech, Clinton addressed a few hundred invited guests including Hawaii's political leaders, heads of a dozen Pacific island nations and senior U.S. military officials. Clinton was in Hawaii to attend the Asia-Pacific Economic Cooperation summit, calling the event's host state "America's gateway to Asia."

"It is becoming increasingly clear that in the 21st century, the world's strategic and economic center of gravity will be the Asia-Pacific, from the Indian subcontinent to western shores of the Americas," Clinton said. "One of the most important tasks of American statecraft over the next decade will be to lock in a substantially increased investment - diplomatic, economic, strategic and otherwise - in this region."

Clinton spoke at length about China and the need for the two nations to work together to ensure "strong, sustained and balanced future global growth." But China first needs to take steps to reform, she said, such as ending unfair discrimination against the U.S. and other foreign companies, allowing its currency to appreciate more rapidly and ending measures that disadvantage or pirate foreign intellectual property.

"We believe that making these changes would provide a stronger foundation for stability and growth - for China and for everyone," she said.

She also declared her "alarm" over the recent self-immolation of 11 Tibetan monks and nuns in protest of Chinese policy. It was the strongest U.S. wording so far on these incidents.

"We have made very clear our serious concerns about China's record on human rights," she said.

Clinton said it was critical to "engage and seize new opportunities" in the Asia-Pacific, which has nearly half of the world's population, several of the largest and fastest-growing economies and some of the busiest ports and shipping lanes. She also talked about the challenges, such as military buildups, concerns about nuclear weapons, natural disasters and greenhouse gas emissions.Read more ...

Classic Wine-making Bijou Château in the World-famous City of Bordeaux

This spectacular estate is offered for sale at more than €11.2M by Christie's International Real Estate exclusive Affiliate, Maxwell Storrie Baines

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Château de Seguin enjoys a very private position with gated access amidst the beautiful rolling countryside, close to the city of Bordeaux. Situated on 172 hectares of land, of which 93 hectares are planted with vines, this amazing vineyard estate is set around a circa-1780 château complemented by various wine-making and storage facilities. Updated with many modern amenities, this property is designed for gracious entertaining.

The estate, with its impressive number of buildings, affirms a long history devoted to agriculture and wine production. The main residence includes seven bedrooms plus an independent apartment. Several buildings are set around the central courtyard, including a fascinating wine-making museum with rare pieces that stand witness to times gone by. Other buildings comprise acuverie, wine tasting and reception rooms with an adjacent kitchen area ideally suited for hosting larger receptions, a hangar for the machinery, a bottle storage area, and a large barrel chai.

The pale stone used for the construction of the estate is typical of the Entre-Deux-Mers region. The main part of the château with its pointed turrets and long cellars was built in 1780. However, the estate’s history goes as far back as 780, when the Count of Seguin, administrator to the Emperor Charlemagne, resided there.

Michael Baynes from Maxwell Storrie Baynes says, "It is not every day that an opportunity arises to purchase a property that dates back to 780, and one with a pedigree such as this. Notwithstanding its noble past, today it is a large state-of-the-art Bordeaux vineyard, producing some of the most exquisite wines in the region."

The grounds of the estate, which includes a small lake, is composed from a mosaic of different soils, typical of the viticultural geology of the Entre-Deux-Mers region. Limestone ridges under clay form the majority of the landscape, providing stony subsoil and often well-drained slopes. Including its leased vines, the Château de Seguin vineyard extends over 135 hectares of productive plantings, growing mainly red grapes from a blend of Merlot, Cabernet Sauvignon, and Cabernet Franc. This vineyard has been reconstituted thanks to patient replanting and various acquisitions in the neighborhood. Due to its size and especially the quality of its vines, the property has become a model vineyard whose production comprises a variety of colors and appellations.

Giles Hannah, Christie’s International Real Estate Director of Sales for Europe says, "This is a historic vineyard estate, producing some of the best quality wines in the region. Château de Seguin is the ideal property for those attracted to the vineyard lifestyle and who are serious about winemaking on a significant scale."

The surrounding land with its vines, parkland, woods, and meadows paints a beautiful picture of different natural rural colors, and yet is only 20-minute drive from the city center of Bordeaux. TGV rail links and the international airport are also both less than 30 minutes away from the estate.

CHRISTIE'S NEW YORK POST-WAR AND CONTEMPORARY ART EVENING SALE REALIZES $247,597,000 (£153,510,140 / €178,269,840)

NEW YORK, 8 NOVEMBER

ROY LICHTENSTEIN (1923-1997)

I Can See the Whole Room!...and There's Nobody in it! 

oil and graphite on canvasPainted in 1961Price Realized: $43,202,500

WORLD AUCTION RECORD FOR THE ARTIST

Christie’s Post-War and Contemporary Art Evening Sale, including the first part of the Peter Norton Collection, achieved $247,597,000 (£153,510,140/ €178,269,840) demonstrating the continuing appeal of this category among collectors worldwide. Thirty-three works sold for over the $1 million mark and 16 new world auction records were established for artists including Roy Lichtenstein, Paul McCarthy, Charles Ray, Louise Bourgeois, among others.

The top lot of the sale was Roy Lichtenstein’s, I Can See the Whole Room…and There's Nobody in It!, which set a new auction record of $43,202,500 (₤26,785,550/€31,105,800). Painted in 1961, it is one of the earliest and most important of Lichtenstein's Pop Art pictures, formerly in the collection of the pioneering collectors Emily and Burton Tremaine. The previous record for a Lichtenstein work was for Ohhh ... Alright..., 1964, sold at Christie’s New York in November 2010 for $42.6 million. Read more...

The Lago Bueno Estate in Patagonia—A Paradise for Outdoor and Adventure Enthusiasts

This spectacular retreat is offered for sale at US$12.9 million by Christie's International Real Estate exclusive Affiliate, ReMind Group

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Patagonia, Argentina—Spanning 6,040 acres in the heart of South America’s southernmost region, the Lago Bueno estate is a glorious lakefront retreat nestled on the easterly slopes of the Patagonian Andes. With an ample main house, a charming guest house, and two cabins for staff, the property can host large numbers of guests who can enjoy the finest in both mountain and lakefront amenities.

The Lago Bueno estate is among the rarest of offerings in Patagonia, comprised of a 2,444-hectare (6,040-acre) mountain field with 1,360 hectares of magical Las Lengas forest. The heart of this storybook setting reveals a 100-hectare (247-acre) lake that is home to a large number of rainbow trout—highly prized in the fishing world. Thriving under the careful stewardship of its current owner, the land has been maintained at the highest levels of ecological sensitivity. Specialists from Esquel’s Forest Administration and the General Continental Fish Administration have devised a sustainability management plan for both the lake and the forest to ensure that the rugged beauty of the land is preserved for future generations.

Framed by breathtaking views of the lake and mountain, the 850-square-meter stone-and-wood main house is rich in character and valued amenities. Heated through two engine rooms, the residence enjoys in-floor radiant heating and is outfitted with a wealth of modern conveniences including wireless satellite Internet, DirectTV, and a 40kVA gas-powered emergency generator. Set beside a charming stone fireplace, the indoor swimming pool has access to one of the five high-quality audio systems throughout the residence. Walls of windows surround the main bedroom and living room, providing panoramic vistas.

Offering further comfortable accommodation on the estate is the fully equipped 180-square-meter guest house. Also on the property are the San Francisco de Lago Bueno Chapel and an 80-square-meter marina, which provides four tracks and storage space for nautical equipment. A special breakwater has been developed in which the floating marina can be assembled and disassembled according to the season.

Recreational activities on the Lago Bueno estate are beyond compare. Adventure options are as varied as the terrain and include kayaking, whitewater rafting, scuba diving, hiking, skiing, snowboarding, horseback riding, mountaineering, fishing, fly-fishing, windsurfing, mountain biking, and para-gliding.

“The vast landscape of the Lago Bueno estate is replete with crystal blue waters and abundant wildlife—on the land, the sea, and in the sky,” says Rick Moeser, Senior Vice President of Christie’s International Real Estate. “This picturesque property offers the finest in the outdoor Patagonian lifestyle.”

Located 25 kilometers from the city of Esquel, this gem of Patagonia is only 45 kilometers from Esquel Airport, which provides easy access to Buenos Aires in just over two hours. This majestic estate is offered at US$12.9 million byReMind Group, with international marketing services provided by Christie’s International Real Estate.

Halloween in Lahaina: No nightmares on Front St.

Large crowd but little sign of trouble as county-sanctioned event returns November 1, 2011 By CHRIS HAMILTON - Staff Writer (chamilton@mauinews.com) , The Maui News LAHAINA - After years of declining numbers for the Front Street Halloween party, the people were back Monday - thousands of them in costume and perhaps just as many not, just sitting and watching. By early evening, despite forecasts of rain, the revelers packed a closed-off Front Street. Absent were any signs of protesters. That battle was fought earlier, with sign-waving and court challenges, but groups who called the party an insult to Native Hawaiian culture in the historic district had said they would not protest on the night, and they did not. "I think it's awesome," said Zeke Kalua, executive assistant to Mayor Alan Arakawa. "There's already twice as many people in the keiki parade. It's everything we hoped it would be and exactly what we needed." Read more ...