Originally put up for sale through Sotheby’s Concierge Auctions last month, a Norman Jaffe-designed house in East Hampton Village was then removed, before it was put back on the auction block.
The classically contemporary Jaffe house at 100 Further Lane was listed last month for $27.5 million and bidding was initially set to take place between December 6 and December 14, online via the firm’s digital marketplace, casothebys.com, which allows pre-qualified buyers to bid remotely from anywhere in the world.
The website listing was viewed more than 35,000 times, according to Sotheby’s Concierge Auctions. Through the process, it generated over 30 qualified showings, as well as eight registered bidders. Before the bidding opened, the seller elected their right to withdraw the property from auction, but it technically remained on the market with Rebekah Baker of Sotheby’s International Realty’s East Hampton brokerage.
Just days later, however, it was back.
“The seller elected to place it back on the auction block,” Emily Roberts, the vice president of marketing, said on December 15. No further explanation was provided.
“The bidding is now open, and we have a bid at $12 million,” Roberts says. The bidding will close on January 5.
“Our process is designed for unique assets that are difficult to value and therefore lend themselves to an auction,” Paulina Kimbel, vice president of business development of Sotheby’s Concierge Auctions, told Behind The Hedges last month.
Jaffe, an architect noted for his contemporary, sculptural homes, designed more than 600 projects in his 35-year career, 50 of which were in the Hamptons, where he became known for his pioneering designs.
When something is difficult to value, an auction is a good alternative, according to Kimbel. “It is especially true for this listing,” she says. “It’s not your cookie-cutter property.”
Interested buyers have to register on the site and provide proof of liquid funds, which will determine their maximum bid. A $100,000 deposit is also required — it is fully refundable to everyone who does not win. These measures ensure that only serious potential buyers take part in the auction.