Let the bidding start on one of Los Angeles’ most expensive properties.
The bankruptcy auction of 777 Sarbonne in Bel Air started yesterday at 4 p.m. and will continue online through Monday, with a $50 million reserve set on a property once listed for $87 million.
The auction will be conducted as an online marketplace produced by Concierge Auctions. It is scheduled to close at 4 p.m. on May 9–although that’s a “soft” close, which means the auction will continue until active bidding ceases. Winning bids often come in the final moments, said Chad Roffers, president of the auction house.
Aaron Kirman, CEO of the Aaron Kirman Group at Compass, shares the listing with Mauricio Umansky of The Agency. They will split a 2 percent co-broke commission. The seller’s agent will get 2 percent commission.
Kirman said the runup to the auction has been promising, with more than 75 showings of the seven-bed, 11-bath home on more than one-acre since the auction was announced in March. Typically, listing agents field half that number of showings before an auction of mega-mansion, he said.
Prospective buyers hail from the Middle East, China, as well locals in Los Angeles. Kirman said that he traveled to the Netherlands and Spain to meet with prospective buyers in late April.
While the geopolitical situation is more volatile now than at the beginning of 2022, Kirman said that war in Ukraine and a slow stock market have not seemed to affect the interest of clients in buying a megamansion.
And how much does he forecast the highest bid will be?
“Pricing is difficult for estate homes,” Kirman said. “(The winning bid) tells us what the value really is. It’s something no one knows until the very end.”