The luxury equestrian estate Two Swans Farm will go to auction in February after more than a year on the market attracting lots of interest, but no serious buyers.
The 10-acre property in the exclusive Oak Estate Farms community was originally listed in 2007-2008 for $9.6 million, but removed as the economy faltered and real estate crashed. In April 2011, it was re-listed with a discounted price of $7.5 million.
Miami-based Platinum Luxury Auctions is handling the sale of the European-style horse farm in conjunction with listing agent Matthew Johnson of Illustrated Properties.
“There is some serious activity in Wellington, but there are a lot of properties listed for sale and that’s how these kinds of estates can get caught up and lost in the inventory,” said Trayor Lesnock, president of Platinum Luxury Auctions.
The home will be auctioned with a $4 million reserve, meaning if the winning bid is below $4 million the owner can decide whether they want to sell for that amount. If the winning bid is above $4 million, it’s an automatic sale.
Open houses to view the estate will be hosted on the weekends beginning Saturday. The auction will be held Feb. 9 at the property.
“In the past six to eight months we’ve had quite a lot of interest from some very high profile buyers,” Johnson said. “But it’s like with other properties. People come and look but sometimes they’re waiting to see what happens with the economy or just aren’t ready to pull the trigger.”
Property owner Carol Cohen, who could not be reached Monday, is the widow of Alan Cohen, a former co-owner of the Boston Celtics and the New Jersey Nets. Cohen and her teenage daughter ride dressage — a competitive equestrian sport — and were featured with the farm in the winter 2012/2013 edition of Equestrian Quarterly.
Lesnock said Cohen has lived at Two Swans Farm full-time for several years and is looking to downsize so she can spend more time travelling and with her daughter. Palm Beach County records show the property, which was then vacant land, was last purchased in October 2002 for $1.2 million by Two Swans Farm, LLC.
“It’s just a lot to take care of,” Lesnock said about the property fronted by two lakes that are home to black and white swans.
The estate also includes a 12-stall courtyard stable, a covered arena, a computerized hot walker for training and exercising horses and an air conditioned feed room.
The main living quarters includes a master suite and a guest suite, each with its own full bathroom. There is also a groom’s apartment with two-bedrooms and two-bathrooms.
Lesnock said there were more than 45 sales in Wellington in 2012 with prices of $1 million or more.
“The sky is not falling anymore,” he said.
For more information on the property, go to www.platinumluxuryauctions.com or call 1-800-262-5132.