26-Acre New Jersey Compound Heads to Auction Without Reserve
A 26-acre estate in Hopewell, NJ, is heading to auction without reserve on Oct. 15., giving interested buyers a rare opportunity to bid on a complete sprawling compound without a set minimum price tag.
“This is a quintessential countryside estate or New England mansion property,” Trayor Lesnock, founder and president of auction host company Platinum Luxury Auctions, tells Realtor.com®.
“It offers all of the classic elements of such a property,” Lesnock continues, adding that the dwelling includes “spacious and manicured grounds,” a 15,146-square-foot grand estate, and ample guest quarters with a separate three-bedroom guesthouse and dedicated pool house with a kitchenette.
Even on its own, the residence boasts an impressive slate of amenities. There’s no shortage of fun to be had with a two-story library with a billiard lounge, movie theater, commercial-grade pub, and a wine cellar that can hold 3,000 bottles.
The home also includes a private elevator, dedicated fitness center, tennis court, putting green with a sand-trap, a sizable pool, and a spring-fed pond.
An auction was determined to be the most suitable sale strategy for this property, given its location, says Lesnock.
While he explains that Hopewell is a “great marketplace,” the auction expert notes “it’s also one wherein larger, higher-priced properties have taken historical lengthy periods of time to achieve a sale.”
Platinum Luxury Auctions has prior experience in Hopewell, having previously worked with the listing’s broker and Sotheby’s principal, Judson Henderson, to offer up a property called Deer Run Farm in October 2019.
The property went for $3.624 million in a 13-bidder auction.
“Fast-forward to the present day, and the situation is extremely similar,” Lesnock explains. “Though now, Hopewell’s market thins out above approximately $4 million, and we hopefully will be looking for competitive bidding at levels beyond that pricing tier, just as we did in 2019 at Deer Run Farm.
Given the inviting nature of the current property up for grabs, Lesnock believes the ideal buyer “is likely to be someone who wants to use the property as a primary home for a large immediate family,” or who would love to get their entire extended family together “for holidays and special occasions.”
The property previously served as a “special place” for loved ones to “gather for grand events,” and the features across the lot are ready to host more celebrations.
The auction also offers an opportunity to bid beyond the 26 acres, as a broader 102-acre countryside parcel, which envelops the estate on three sides, is also on the table.
“If left as vacant land, it’s a wonderful extension of the estate’s grounds and provides enormous privacy and buffer space from neighbors,” Lesnock explains. “If subdivided and developed, we can envision the right developer doing very well with the creation of a boutique enclave of up to 11 luxury homes, each sited on a 6-to-14 acre parcel.”
“Arguably, such a development wouldn’t encroach upon the private estate in any way, and would in fact lift its value due to proximity to brand-new housing inventory,” he continues. “It will be exciting to see what the ultimate buyer or buyers decide!”
Whether the property is offered only as a 26-acre estate, a 102-acre parcel, or a bid for both, is yet to be determined.
On Oct. 14—one day before the auction—the company will decide to conduct the sale “based upon the prevailing preferences stated by the registered bidders.”
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