By Mike Fitts
mfitts@scbiznews.com
Published Feb. 8, 2010

Are there still people in this economy who can buy a top Aiken estate at auction with just 30 days to close the sale?

Stacy Kirk of Grand Estates auctions thinks there are. On Tuesday, Kirk will sell one of Aiken’s distinctive homes in a no-minimum auction. That means that a registered bidder will definitely get to buy the home, no matter how low the winning bid.

This auction is not for just anybody. Registration for Tuesday’s auction requires a refundable $50,000 cashier’s check, and the winning bidder must be ready to close the sale within 30 days, Kirk said. Kirk said she is thankful to report that, despite the recession, there still are potential buyers investigating the property.

Why a no-minimum auction? The owners are eager to have the property sold, Kirk said. And because the property is unique and the real estate market so uneasy, there’s not a clear way to put a value on it, she said. The no-minimum, no-reserve auction is a way to find that price, she said. “We really don’t know what the buyers are willing to pay,” Kirk said.

The property, called “The Balcony,” holds a distinctive place in Aiken’s horse-loving culture. It’s on 5.8 acres and is adjacent to top equine attractions in the area, such as the Hitchcock Woods preserve and the Whitney polo field. It has a 20-stall barn, a groom’s guesthouse, two paddocks and a riding ring, as well as a pool and tennis court.

The house has five bedrooms, multiple fireplaces, a home gym and a wine cellar. It was one of the homes built as part of the “Winter Colony” of wealthy Northerners who came south on trains to enjoy warmer weather and activities such as polo and fox hunting. It was built in 1929, Kirk said.

She described the property as “the perfect location and the perfect property” for those who love horses.

To market such a home, Grand Estates uses its national and international contacts to find potential buyers, Kirk said. It has been conducting such high-end property auctions for a decade. Grand Estates has offices in Charlotte, Atlanta, Naples, Fla., and Vail, Colo.

How much will The Balcony go for Tuesday afternoon? That’s for the auction to decide, Kirk said. A guess at the value, totting up the house, outbuildings and grounds, would be $5.5 million, she said.