Another Montecito Estate Will Try Its Luck at Auction

Having been on and off the market since 2012, 706 Park Lane is selling itself to the highest bidder. It’s a bold move, when you consider that the two Montecito properties recently offered via  Concierge Auctions didn’t exactly set records: 859 Picacho Lane went for $5.3 million (having been listed at $7 million), and the buyer of 818 Hot Springs Road (listed for $12.5 million) backed out during escrow.

The best thing about 706 Park Lane might be the 3.67-acre lot, well off the street. The 1987 house, while big (6,186 square feet), has a fair amount of deferred maintenance, according to the inspection report, and dated interiors. The price was most recently $8.9 million, but in 2017-2018 it was $8.2 million.

Bidding opens July 14. There’s no reserve, but the seller can call off the auction right up till the last moment. To participate, you have to put down a refundable $100,000 deposit. Should you win, you’ll get 6% of your initial bid credited back—an effort to discourage lowballing—and pay Concierge a fee of 12% of the final price. The seller, meanwhile, is responsible for a 2.5% commission payable to any broker(s) representing the buyer.