What $21.9m Used to Buy

By: JACOB GAFFNEY
June 25, 2009 3:44 PM CST

Come one, come all!

There are bargains out there, and for the right circles, none may represent that more than East Coconut Palm Road in Boca Raton.

The mansion, previously listed for $21.9m, found no buyer. So folks, it’s auction time! And the 25,000 square foot mansion may be purchased for a song, as only $250,000 is needed in earnest money.

On July 11 Concierge Auctions are putting 450 East Coconut palm under the hammer in an effort to attract some high-fliers, as Sotheby’s International Realty is participating in the sell as well.

The property is on its own peninsula on Fishtail Palm Waterway that offers 475 feet of deep yacht dockage. Handy, considering the local park on Deerfield Island is only accessible via something that floats: That’ll keep the gangs of wonky teenagers out!

The mansion also includes seven bedroom suites, seven full and three half baths, elevator, seven fireplaces, wine room, modern theater room, spa retreat, private waterside terrace, indoor lap pool, garages for up to five cars, and ornate ironwork throughout.

The grounds also include a gated entry, a waterfront pool, and formal gardens. However, there is no immediate place to land a helicopter, so make sure your yacht has a helipad (a nearby neighbor has a helipad, but that estate is located on another peninsula…).

“This spectacular estate is located in one of the most exclusive and prestigious communities in the world,” states Laura Brady, president of Concierge Auctions. “The upcoming auction, which is open to all qualified bidders, provides a rare opportunity for the right buyer to acquire a preeminent property at a reduced price.”

Participation in the auction will be limited to registered bidders and their agents. Bidders must register by 5 p.m. on Thursday, July 9 and present the earnest money deposit via wired or certified funds prior to bidding.

No minimum bid is required.

For a no-holds barred snapshot of the state of the luxury housing market, check out the feature in the primary department of August issue of HousingWire.