Luxury auctions catching on

A 40-acre Temecula, Calif., estate built by the late actor Jack Klugman will be auctioned July 27 using Premiere Estates Auction Co.’s “WorldBid Auction platform.” The company requires only a bidder registration form and a $100,000 cashier’s check to register to bid for the home, originally listed for $12 million.

Luxury real estate auctions are taking off, according to blogger Candy Evans, who says auctions¬† “are a great way, in fact, maybe the only way, to unload big, kinda albatross-y homes, as well as your standard multimillion-dollar fare.” Evans reports that the nation’s third-largest auction house, Dallas-based Heritage Auctions, is now conducting luxury real estate auctions. Source: prnewswire.com.