Local estate heads to live auction
Published 11:21 am, Monday, November 21, 2011
If you're in the market for a unique estate built in the 1920s, Concierge Auctions is offering interested buyers the chance to bid on an extensive New Canaan estate.
Wexford Hall, at 577 Oenoke Ridge, was first built in 1929 by New York Architect William Tubby, who also built the Waveny House in town. Bill Larkin, the listing agent for the property, said despite some additions over the years, the home's details are original.
"The details are all original and the vast majority of the 10 fireplaces are original. One of the appeals of this home is its close proximity to town and the fact it is within a one hour radius of New York City," he said.
"Some of the features of the home include a viewing tower, from which you can see Manhattan on a clear night," Larkin said. The property also contains a three-bedroom guest house, a carriage house and naturally formed swimming pool.
The home was valued at $22 million but will go for at least $6.75 million or to the highest bidder during a live auction scheduled for Dec. 2.
"The value of the home at this point is incredible because you can't touch a home like this for this price. Somebody is going to appreciate the architecture because to duplicate this style today would cost about $25 million just to build it. Houses aren't built today like this one is," Larkin said.
Because the home sits on 6.25 acres and contains 25 rooms, there can be some reservation from potential buyers that they will be overwhelmed with the sheer size of the estate.
"As large as this estate is, you feel enveloped in every room. It doesn't feel like you are being overwhelmed by the square footage. It's a very manageable property," Larkin said.
Despite the unique characteristics of the property, Wexford Hall has been unable to draw in any buyers.
Instead of letting the home languish on the market for an unknown length of time, it was decided that putting it up for auction might encourage someone to purchase it while the home is still available.
"We had been doing a lot of routine showings but we wanted to create a sense of urgency," Larkin said. "We thought the auction process would do that."
Laura Brady, of Concierge Auctions, said after a reserve of $6.75 million was obtained during a silent auction, it was decided the home would go to a live auction.
"This is an incredible price and the highest bidder will walk away with it," she said.
For more information on Wexford Hall, visit oenokeauction.com. Interested buyers who would like to bid during the live auction need to register in order to participate. The home is also open every Thursday through Sunday from 1 to 4 p.m. for previews.