Luxury Florida equestrian estate Wild Orchid Stables has sold before auction for $US4.235 million.
The estate is located within the guard-gated community of Homeland, a development of ranch and equestrian properties in Palm Beach County, Florida, just a short distance from the Palm Beach International Equestrian Center.
The Wellington property had a reserve of $2.75 million. Its sale price doubled the existing sales record for Homeland. Previously, the highest price on record dating back to the community’s founding in 1977 was $1.8 million.
The property was sold by Platinum Luxury Auctions and listing agent Matt Johnson of Illustrated Properties. They previously teamed up to sell Wellington’s Two Swans Farm for nearly $7 million in February 2013.
The buyers of Wild Orchid Stables are a couple with other real estate holdings in the Wellington area. They intend to make Wild Orchid Stables their primary residence, and have plans to add to its horse facilities in the future.
The property was originally slated for auction in December 2013, and although that process produced a pre-auction offer of $3.4 million, both Platinum and the seller elected to extend and re-launch the auction at the start of 2014 to accommodate a number of parties who would not arrive in Wellington until the start of the annual Winter Equestrian Festival.
“We certainly were met with a few blank stares when we collectively elected to turn down that first record price and wait for something better,” said Trayor Lesnock, Platinum’s president and founder. “But in this case, patience proved to be prudent.”
Built by a professional contractor as a family compound, the 6,450 square foot, 5 bedroom and 6.5 bath estate includes a separate guesthouse, resort-style pool with waterfall, waterslide, wet bar and hot tub “grotto,” oversized custom car garage, exotic wood built-ins, stone fireplaces, marble flooring, a 200-foot by 100-foot riding arena, six paddocks, and a stocked fountain pond. In order to prepare for the auction re-launch, the seller also built a new barn and cleared 5 acres of the property that had been densely forested.