Luxury home sells for $4.84 million in J. P. King auction

TROUTDALE, ORE (March 30, 2006) -- A luxury home overlooking the Columbia River Gorge sold at auction for $4.84 million Thursday, with J.P. King Auction Company, Gadsden, Ala., managing the sale.

Thirteen bidders crowded around the auctioneer’s podium in the Great Room overlooking the gorge, opening the bidding at $2 million and continuing upward for about 20 minutes to the final sale price. The home had been previously listed at an asking price of $4.95 million.

Purchasing the home was Howard Hedinger, chairman of Portland-based American Industries.

Other bidders came from Washington, New Jersey and California. To register, each bidder was required to present a cashier’s check for $50,000. Bidders listened to live music and enjoyed hors d’ oeuvres while waiting for the start of the auction.

The home, built in the Frank Lloyd-Wright style of architecture, had been built by the late Derald Ulmer, CEO of Gresham Transfer. Surrounded by 96 acres of pasture and grassland, the estate had a 22’ x 44’ pool, custom cabinetry, and views of the Portland Skyline and Mount Adams.

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