The Real Deal Miami

Former hedge fund manager joins Sotheby’s real estate auction group

September 18, 2009 01:29PM

George Graham, the ex-managing director of Fortress’s Drawbridge Special Opportunities Fund, has joined Sotheby’s International Realty’s new luxury real estate auction group, Concierge Auctions. Concierge is hopeful that Graham’s history as a lender and investment banker will bring valuable relationships to the company, according to Fortune magazine. Graham will serve as CEO of the group, which was founded three years ago by a South Florida broker with the purpose of unloading properties that would otherwise not sell on the open market. “There is a pipeline of multimillion-dollar properties that are underwater,” Graham said. “In most of these areas the homes aren’t selling. There’s a multi-year supply.”