LOS ANGELES, May 24, 2012 /PRNewswire/ -- Premiere Estates Auction Company (PEAC) today announced the sale of their Ocean City, NJ Auction Property at 279 Bay Shore Drive. The 7000 sq ft estate, popularly dubbed "Beauty on the Bay", sold on Auction Day for $3,877,500, which is nearly 95% above the Starting Bid of $2,000,000. There were over sixty Auction Day participants from seven different states on site, and according to PEAC and the listing agent Dorothy Phillips of Re/Max At The Shore, over 2,000 prospective buyers attended showings of the property.

"Our client had this property on the market for over a year and a half with very little success in attracting people to view the property," said Michael Schwartz, Director of Sales of PEAC. "Because we knew the buyer of this property could come from New Jersey as well as several other surrounding states, we created and launched an intricate accelerated marketing campaign that maximized exposure Nationwide. We had six news vans lined up outside the home!"

The Auction, which was held on Saturday, May 19th, was unique in that it was an Absolute Sale. This means that the homeowner chose to sell his property to the highest bidder on Auction Day, regardless of price. Many luxury homeowners who opt to sell their homes at Auction choose to have the safeguard of a Reserve Price; if the bidding does not reach the undisclosed Reserve Price, the seller is not obligated to sell. In this case, the seller wanted to achieve and confirm market value on a definitive sale date, and was able to achieve that with an Absolute Auction.

About Premiere Estates Auction Company

With over $1 Billion in sales, and 75 years of combined experience in the marketing and auctioneering of major real estate assets, Premiere Estates Auction Company, based in Manhattan Beach, CA, is the national leader in auctions of unique and luxury real estate. PEAC offers a full range of traditional and web-based sales, marketing, and auction services. This includes massive global, all-media marketing and advertising campaigns, as well as promotion, management, execution of the tasteful and exhilarating event itself, culminating in auctioneering outcry services.

Media Contact:

Julia Hodge
Director of Marketing
Premiere Estates Auction Company
310.698.3625 x232
jhodge@premiereestates.com

SOURCE Premiere Estates Auction Company