Three Tiburon Escada Estates sell at auction for $8.03 million

NAPLES, FLA. – Three new luxury estates in Tiburon’s Escada Estates sold at auction for a total of just over $8.03 million Thursday, with J.P. King Auction Company, Gadsden, Ala., managing the sale. All three homes sold to out-of-state buyers who were purchasing them as vacation or second homes, according to Craig King, president of J.P. King.

“This is a lot of real estate for any market to absorb in a single day, so I’m really proud of what we accomplished,” said King. “These really were spectacular homes, with great views of the Tiburon golf club. Tiburon is a world-class community, and I’m glad we could be a part of it.”

The auction attracted 13 registered bidders, from eight different states, according to King. Castello Romantico, located at 2573 Escada Drive, sold for $2,695,000. The other two homes each sold for $2,667,500.

Purchasing Castello Romantico were Jim and Marti Griffiths, of Rocky River, Ohio.

Castello di Palma, located at 2539 Escada Court, sold to Jim and Sherree Woods, of Maryville, Tenn. Entering the high bid for Castello di Paradiso, 2531 Escada Court, was Keith Ferrari, of Nashville, Tenn., who also purchased a Nashville home in a J.P. King auction in 2002.

It’s always good to see former buyers and sellers come back,” said King. “Sometimes a former buyer will ask us to sell a property. Sometimes a former seller will show up as a buyer. It’s always encouraging, because it means the auction process works for both buyers and sellers,” he said.

Approximately 100 people in all attended the event, which featured hors d’oeuvres and live music. Bidders – each of whom was required to present a $100,000 cashier’s check in order to register – were able to take a last-minute look at the homes before settling in for the auction itself, which lasted approximately 45 minutes.

King said that while J.P King frequently sells multiple properties in a single auction, most of those are condominiums, home sites or land.

“You rarely see something like we had today, with three incredible new luxury homes being sold at one time, but we had a unique opportunity here,” he said.

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