On October 16 th, I wrote a post Auctions, and do they really work in which I said I would get back to on whether the Robert Mondavi former residence know as Wappo Hill did sell. Well a couple of days ago Pacific Union, the listing company, reported it did but the price was not disclosed. I will find out the price and get back to you in a future post.
The property known as Wapoo Hill was first listed for sale June 1, 2010 for $25,000,000 and this property has remained unsold for 477 days as of today. Even with a $5,100,000 price reduction last March 15th and the renown name associated with this property, no buyer has appeared. Sealed bids may be submitted to Sheldon Good & Company of New York, NY until November 16.
Tune back in the near future for I will write another post on what happens to these two. It will be interesting to see if the Mondavi name will be the key to selling a property at auction. One other consideration in buying at auctions, there is an auction premium of 5% normally. In my opinion, auctions do not work. It is still price, price, price today besides location, location, location.