Park City • Everybody wants to get a smokin' good deal on a house, even if you're a multi-millionaire.
On Saturday, during a luxury real-estate auction in Park City, a rich buyer from Texas got a steal — paying $7.7 million for a home that was previously listed for $13.25 million.
The 11,575-square-foot home in the exclusive Deer Crest gated community, is a premier property even by Deer Valley standards, with stunning views of the Jordanelle Reservoir and Bald Mountain.
The undisclosed new owner, who made bids through a proxy — and was required to pay cash — will be able to ski in and out of the home, which sits next to a gondola that offers direct access to 11 Deer Valley Resort ski runs.
The home at 3468 W. Crest Court was built in 2001 and sits on an acre. It has eight bedrooms, 12 bathrooms, six natural-stone fireplaces, a gourmet kitchen, a large family room with wooden beamed ceilings and oversized glass windows as well as several other living and entertaining rooms. There's also a home theater; spa, massage room, library and a fully-equipped exercise room.
Other amenities include heated decks and patios, a three-level elevator, two outdoor fireplaces and a secluded, heated driveway that leads to a large motor court and an oversized three-car garage.
The previous owners, who spent $1 million on interior decor, had lived in the home for more than a decade, "but had reached a point in their lives that it was time to sell," said Ann MacQuoid, the real-estate agent with Berkshire Hathaway who co-listed the home with Jim Black.
The couple attended the auction but declined to be interviewed except to say, "We still love Park City, but it's time to move on."
Their home had been on the market for about 18 months and the couple decided that an absolute auction — where the highest bidder wins and there is no minimum price that must be paid — was a way to sell the property quickly.
"It's a bit of a gamble," admitted MacQuoid.
Sixteen bidders signed up and several were quickly eliminated when bidding began at $4 million. Bidding stalled around the $5.5-million mark. That's when auctioneer Daniel DeCaro, with DeCaro Luxury Real Estate Auctions, pointed out the picturesque window and said "Look at that. You cannot duplicate this view. That's what this is all about."
The auction continued for another 15 minutes and included several breaks so brokers could talk to their respective bidders — or in the case of one person, his wife — by phone.
When DeCaro finally yelled "sold," the price had gone up to $7 million, with a 10 percent "buyers premium" tacked on to the final tab.
Auctions seems to becoming more common in Utah, said MacQuoid, who has been a Park City real-estate agent for more than two decades but never had a client request an auction until now.
She said the Deer Crest home is the third luxury home in the past eight months to be auctioned off by DeCaro, the country's premiere auction firm. The first took place in April in Park City's Bald Eagle Estates, and a second was held a few months ago at a home in Oakley.
Daniel DeCaro said his company is planning a fourth auction in about three weeks for a newly constructed home in St. George.
"These homes have been on the market and the owners want them sold and are willing to give a discount," he said, noting that $7.7 million for the Deer Crest property was "a good buy."
kathys@sltrib.com
Chris Detrick | The Salt Lake Tribune The luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune The luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune The luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune The luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune The luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Views from the luxury property in Deer Valley ResortÕs exclusive Deer Crest Estates community that sold for seven million dollars during an auction Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Views from the luxury property in Deer Valley ResortÕs exclusive Deer Crest Estates community that sold for seven million dollars during an auction Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Views from the luxury property in Deer Valley ResortÕs exclusive Deer Crest Estates community that sold for seven million dollars during an auction Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Views from the luxury property in Deer Valley ResortÕs exclusive Deer Crest Estates community that sold for seven million dollars during an auction Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Auctioneer Dan DeCaro conducts the auction of a luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Auctioneer Dan DeCaro conducts the auction of a luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Auctioneer Dan DeCaro conducts the auction of a luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Auctioneer Dan DeCaro conducts the auction of a luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Auctioneer Dan DeCaro conducts the auction of a luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Chris Detrick | The Salt Lake Tribune Auctioneer Dan DeCaro conducts the auction of a luxury property in Deer Valley Resort’s exclusive Deer Crest Estates community that sold for seven million dollars Saturday November 15, 2014. The property is 11,575-square-feet and has access to the Snow Park area of Deer Valley, and a panoramic view of both the Jordanelle Reservoir and Bald Mountain. It includes a spa with a dry sauna and steam room, a home theater, a massage room and a library. The eight-bedroom, 12-bathroom retreat was custom built in 2001 on the highest point of Bald Mountain in the gated Deer Crest community.
Trent Nelson | The Salt Lake Tribune Three years after its embattled director resigned, the Salt Lake City Public Library has emerged as one of the best places to work along the Wasatch Front. Saturday November 15, 2014.
Donate to the newsroom now. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax deductible