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Luxury Homes Being Auctioned Off Like Art On Long Island

LLOYD HARBOR, N.Y. (CBSNewYork) -- Fine art and rare antiques have sold this way for centuries. Now a group of one-of-a-kind, luxury homes are hitting the auction block on Long Island.

As CBS2's Carolyn Gusoff reported, among them is a 37-room Lloyd Harbor Tudor-style chateau on 10 acres with landmarked Revolutionary War history and spectacular views.

"We're at 100 feet to the top of the hill, where we overlook the water," said owner Greg Campbell. "And we have an 180-degree panoramic view of everything from Connecticut to Cold Spring Harbor, and it's simply unparalleled.

Campbell is putting his restored gem on the auction block because it's unique -- so it's a challenge to price.

Features like formal English gardens, a 15-car garage and a grand ballroom make its market value anyone's guess. It has been listed from $10 million to $24 million dollars. At auction, the opening bid is $5.75 million.

"Such property is more like art than it is like real estate," said Misha Haghani of Paramount Realty USA. "You cant comp this. There's no neighboring property, and so the best way to value it is to let the bidder name their price."

Owners are going this untraditional route to stand out in the current glut of luxury homes in the Gold Coast market.

"What I think is happening, because we have tremendous inventory in the luxury market of Long Island, there's not real urgency on behalf of the buyers," said Maria Babaev of Douglas Elliman Real Estate.

So on June 14, the gavel will fall. Paramount Realty will auction off a curated collection of six unique homes, from Lloyd Harbor to Old Westbury, Roslyn Harbor to Kings Point. Sellers are protected with a minimum reserve price. Buyers could get a deal.

"We have an idea of what we believe the property is worth, and we're going to let the market tell us what it's worth," Campbell said.

Bidders need only register online, pay a $50 fee and then come prepared to buy with a bank check of 10 percent of the opening bid. All sales are final.

The auction is being held at the Guggenheim Estate in Sands Point.

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