The restrictions on such a
landmark house may not appeal to every buyer, Forbes said, but
to the right person with an interest in history and
preservation, it's a gem that should only increase in value.
"You know you have to
follow certain rules, and your know your neighbors do as well,"
he said. "So you won't have any surprises."
To buy the house and
grounds, a bidder must have $25,000 in cash or a cashier's check
on hand, and a 10 percent deposit is required on the day of the
auction. the balance is due at closing within 30 days.
the home's contents,
ranging from a Black Forest carved mantel clock to a Wolf
48-inch gas range with six burners, will be sold individually,
with payment in full on the day of the auction.
The home is owned by Jean E. Styles, an investor
who bought the property in a partnership with two other women in
2001. Styles was traveling this week, but Frenkel said the
partnership is being dissolved and Styles has decided to sell
rather than continue to lease the property.
The home failed to sell last year as a regular
real estate listing, despite the area's record -hot market, so
the owner now is ready to settle for whatever the auction will
bring. Frenkel said, rather than try again with a listing
and compete with what has since grown into a record backlog of
"There are nine or ten months' worth of homes for
sale" in the Orlando area, Frenkel noted. So using an
auction for an unusual property such as the O'Neal House tells
potential buyers "the seller is beyond motivated," he said.
Orange County property appraiser records show
that the home was bought in 2001 for $650,000 and now has an
estimated market value of at least $1 million. The kitchen
has been upgraded and a swimming pool was added in 2002.
The county's market value estimates typically lag
properties' actual market value; one online property estimating
service, zillow.com has the home valued at about $1.85 million.
The property was last listed for sale in early 2005 at $1.59
million, according to local Multiple Listing Service records.
Realtor Darryl Hunt, a Re/Max agent who
specializes in downtown Orlando, said he is stumped as to why
the property never sold last year at that asking price, which
was down from $2.1 million in an earlier listing.
"It is a unique property, definitely." said Hunt,
who is known as "Downtown Darryl."
"It's a specialty property, so you do have to
have the right specialty buyer."
Frenkel said that, while relatively few homes are
sold by absolute auction, it's not that rare among unusual
properties such as the O'Neal house.
He said he expects the bidding to be brisk and
"I don't think it will take more than a few
hours, at most," he said.