Photos | Million-dollar Matthews estate to hit auction block

Photos | Million-dollar Matthews estate to hit auction block

Photos | Million-dollar Matthews estate to hit auction block

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by BOBBY SISK / NewsChannel 36 Staff

WCNC.com

Posted on April 27, 2012 at 3:12 PM

Updated Friday, Oct 25 at 11:26 PM

MATTHEWS, N.C. -- There is a chance many of you have driven near it and didn’t even know it was there. Just off of Pineville-Matthews Road is likely one of the largest private estates in Mecklenburg County.

The sprawling brick home sits on nearly nine acres down a long, extremely private drive.

“When you’re driving down this long drive, which feels maybe a mile long, you have this great anticipation of things to come and then you arrive upon the circular drive and you see this beautiful brick structure,” said Stacy Kirk Reich, President of Grand Estates Auction Company.

Her company is trying to sell the Revelwood Estate, as it’s called, but not in the conventional way.

“They tried traditional practices and unfortunately found it not to be time appropriate or cost effective,” she explained of the owners. “They discovered Grand Estates actually by attending a few of our past sales and realized this auction platform was going to accomplish their goals in a short period of time.”

The home will go on the auction block and whatever the highest bidder offers, the seller will take.

“The property is being sold absolute, which means there is no minimum bid and no reserve bid. The property will sell to the highest bidder on Tuesday, May 1,” she explained. “They (the bidders) must have a certified check in hand which is for $100,000 made payable to themselves. They must also have their personal checkbook to makeup the remaining 10 percent down should they be the winning bidder. They should also be prepared to close within 60 days.”

In a process like this, the buyer may end up getting a steal. But the seller may get more than he or she expected.

Reich didn’t talk about what she thinks the home is worth.  That’ll be set at auction. Tax value on the property, which boasts six bedrooms, six full and three half baths is around $1,500,000.

She hopes the unique features, like the circa 1847 restored log cabin on the property, appeal to buyers. Inside the home, the family room has cypress wainscoting from a church in Charleston that dates back to the late 1700’s.

“The floors came from the Hershey factory in Hershey, Pennsylvania. They are 14 inches wide planks,” she explained.

The house has a master wing, along with two children’s wings upstairs and garage parking for six cars. In the entertainment area on the second floor, a ticket booth from an old theatre in Ohio leads to a home theatre, complete with red curtains to block out the rest of the room.

“The kids, when they were younger, would sell tickets to their friends to enter the theatre room,” she said. The house does need some updating. Reich described it as a blank slate.

The owners have four children who are all now out of the house. They live elsewhere and no longer need this huge estate. Already this year, Reich’s company has sold eight high-end homes this way. She’s hopeful for a repeat come next week.

“It depends on the location but for a wonderful family home like this we anticipate that we’ll have anywhere from seven to eight bidders.”

Previews of the home started Friday and continue through Tuesday. The live auction is Tuesday, May 1 at 2 p.m.

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