When it comes to generating buzz and motivating buyers to fork over mind-blowing amounts of cash, just like the Magic Johnson Group just did by purchasing the LA Dodgers on Tuesday, March 27, it seems that auctions are just the thing. In fact, according to recent coverage in major national media, including USA Today and The Wall Street Journal auctions are being more widely used across the board, in luxury real estate and beyond.
Just look at the staggering recent sale of the Los Angeles Dodgers baseball franchise to basketball legend and entrepreneur Magic Johnson. He forked over an astonishing $2.15 billion for the Dodgers and its surrounding land at an auction that attracted some truly heavy hitters, including hedge-fund billionaire Steven Cohen, billionaire Stan Kroenke and biotech tycoon Patrick Soon-Shlong. By way of perspective, the current owner, Frank McCourt purchased the Dodgers from News Corp. in 2004 for $420 million.
Industry insiders are pointing to the choice of putting the Los Angeles Dodgers up for auction as the impetus for pushing potential buyers of one of baseball’s marquis franchises through the roof last week. Instead of a stagnant, closed door, banker to banker type sale, putting the team up for auction and the media and buyer buzz (nay, pandemonium) that move created – is likely what pushed bids to more than twice that of Major League Baseball’s previous team sale record of just over $800 million three years ago.
In luxury real estate, just as in other high-end markets – be it fine art, jewelry, and even the Los Angeles Dodgers – auctions can often spell the difference between a comfortable profit margin and sales that go through the roof. Remember, Supreme Auctions is your partner in Luxury Real Estate Auctions both here in Scottsdale and beyond. Our strategic affiliation with Keller Williams Realty International, coupled with our proven 98% sales success rate, our countless years of expertise, high-level service and integrity make us an unparalleled resource to both seller and buyers of multimillion-dollar luxury properties.
For those seeking the premier way to sell luxury property, call 1-866-929-2243 to speak to one of our luxury real estate professionals.