Grand Estates Auction Co to Sell Atlanta Penthouse

Grand Estates Auction Co., America’s top luxury real estate auction firm with hundreds of successful auctions of one-of-a-kind properties, is selling two distinctive Atlanta-area properties, including a penthouse owned by a former CEO of Coca-Cola Enterprises, on the same day – Tuesday, May 4.

Both will be sold at “absolute” auctions, which require no set starting bid or minimum reserve and thus immediately establish the true market value and assure a prompt sale that benefits both the buyer and seller. Grand Estates’ auctions have an 11-year track record of quickly selling multi-million-dollar homes that previously languished on the market with conventional sales-listing methods.

“It is the purest form of achieving market value for your property,” said John R. Alm, the former Coca-Cola Enterprises CEO who is selling his penthouse in Atlanta’s tony Buckhead area. He turned to Grand Estates after previous efforts to sell his home by traditional means failed to produce results – an experience shared by many owners of high-end homes in a sluggish real estate market overloaded with multi-million-dollar homes.

In its most recent auction on April 20, Grand Estates sold a seven-bedroom lakefront estate in the prestigious Reynolds Plantation community on Georgia’s Lake Oconee for $1.83 million, the most successful sale for a multi-million-dollar home in the area since 2007. A week earlier, Grand Estates sold a five-bedroom estate in the Sullivan’s Island section of Charleston, S.C., for $1.72 million. Previously the Charleston home had been listed with two real estate firms for four years without receiving a single offer. “In researching the absolute auction process, we continued to see the sales success Grand Estates obtained for their clients,” said Rhonni Malino, who sold the Sullivan’s Island property with her husband Harvey. “We knew it would be the best company to represent our property to a specific buyer and get us the results we wanted.”

As a result of Grand Estates’ extensive and individually tailored national and international promotional campaign, over a three-month period the company received more 350 inquiries for the Malino’s home, with 135 people previewing the property with 16 registering to bid at the April 13 auction.

For the first May 4 auction, at 11 a.m., Mr. Alm’s penthouse offers stunning views of the Atlanta skyline from every angle and features a 720-plus-square-foot private roof-top terrace with a garden and spa. “I bought it because it allows outside living in downtown Buckhead, which is very unique,” he said. Just minutes from the city’s sporting events, nightlife and finest restaurants and shopping, the 2,600-plus-square-foot home also offers three bedrooms, three bathrooms and an upscale kitchen in a bright and open environment with 14-foot ceilings. The building offers an amenity package to homeowners, including private 24-hour security and concierge, private pool, fitness center and parking. The home is being offered fully furnished.

The second May 4 auction, at 3 p.m., features a French Country estate situated on a Jack Nicklaus-designed golf course in nearby Alpharetta, with five bedrooms, seven and a half baths and more than 9,000 square feet. The estate, built in 1990, has recently added the latest energy-efficient technology, chef’s kitchen, entertainment patio and living room, media room, gym and game room. The exterior of the home is just as breathtaking, with a three-tiered waterfall and reflecting pool overlooking three acres of manicured landscaping surrounding the property.

Understanding that casting the widest net will attract the highest number of qualified bidders, Grand Estates’ 20-person team utilizes its broad experience in marketing luxury real estate to produce attention-grabbing marketing materials, said Stacy Kirk, president of Grand Estates, with offices in Atlanta, Charlotte, Dallas, La Jolla, Calif., Naples, Fla., and Vail, Colo. Advertising and promotion of each property is featured in high-end publications, including Forbes, The Wall Street Journal and The New York Times.

Founded in 1999, Grand Estates has successfully auctioned hundreds of luxury homes, in the $1.5 million to $10 million range.

Grand Estates auctions are open only to registered bidders, who are required to submit a refundable cashier’s or certified check prior to the auction. Prospective bidders and sellers should contact Grand Estates Auction Co. at 800 552-8120 or 704 529-0026 for bid registration requirements and to inquire about the showing schedule before the auctions. For more information, see