Home Auctions Pre-sell! Rare Sales Technique Sizzles in City's Already Hot Property Market.

12/16/2004

San Francisco Examiner

Home Auctions Pre-sell!

Rare Sales technique Sizzles in city's already hot property market.
By Kate Williamson | Staff Writer
Published on Wednesday, December 15, 2004

An Auction company was to take bids Monday and Tuesday on two homes owned by Gordon Uhlmann, 62, president of Del Mar International, which imports Nestle chocolate bars. Both Auctions were canceled because Uhlmann received Pre-Auction offers on the homes and chose to accept the sale!

The properties, at 830 El Camino Del Mar in The City's Sea Cliff neighborhood and one in Mendocino County both featured exceptional ocean views. Tax records indicate that they were purchased seven years ago at roughly $3 million for the San Francisco home, and $1.5 million for the Mendocino home.

Uhlmann said he bought the Mendocino home on a whim and then put millions into the property. The financial burden of the two properties grew too much for his family, he said. "We owe too much," Uhlmann said.

Uhlmann decided to Auction his properties after they languished three years at asking prices of between $9.5 and $15 million.

The Auction company generally sells mansions that are not moving. There is no minimum bid, which brings out people hoping for a deal, which then get swept up in a bidding frenzy.

Auctions have sold mansions nationally and recently sold a Palo Alto Ranch to golfer Greg Norman for around $13.5 million.

In San Francisco, where buyers already get into bidding wars over and above listed prices - Auctions bring sales to a sizzling pace.