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Auction Fetches $8 Million for Waterfront Estate

A waterfront estate in Tokeneke went under the hammer for $8 million at an auction on June 25. It was the highest price realized for a home on the Multiple Listing Service (MLS) in Darien in 2011. The house was originally listed at $12.5 million. Concierge Auctions ran the auction process, which required pre-certification for interested buyers.

Doug Milne of Kelly Associates was the listing broker, representing the seller. Representing the buyer was Cathy Lawton , also with Kelly Associates.

Milne found the auction process interesting and intense. "The auction brought a sense of urgency to a market that has none," he says. The process generated more than 100 showings to qualified buyers during the six-week build up to the auction date. "We'd had only eight showings in the previous 12-month period," Milne says.

Nine bidders participated in the auction, which took about one hour as bidders took time to consult with their attorneys and, in one case, with a banker. Bidding started at $7 million, with three potential buyers bidding by phone.

The buyer is a Darien resident who plans on making the 6,779 square-foot French Norman-style house his family home.

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