Potential bidders must put $100,000 in escrow just for the privilege of participating. If you don’t win the auction, you get your money back. If you do win, the 100 grand goes toward your earnest money.

Concierge Auctions is handling the sale, and expects the gavel price to come in somewhere between $13 million and $20 million.

As Katie Lawless Ballard with Concierge Auctions put it, “There are no comps.” When the residence was on the market in early 2021, the price tag was $19.5 million.

She expects bidding on the glam 12,000-square-foot dwelling to be fierce.

“There have been a lot of interested buyers who have held back, waiting for the price to drop,” she says.

She adds that the auction on March 15 will encourage buyers to step up, because a hard deadline forces folks to act.

One of the unit’s big selling points is that the interior is “designer-ready,” according to Lawless Ballard.

In other words, it’s a white box. The winning bidders—and their designer—will decide on the configuration, decor, and finishes.

Listing details suggest that the residence will ultimately feature five bedrooms and 7.5 bathrooms, spread out over the top two floors. As the renderings show, there’s potential to customize the place to a buyer’s whims.

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Square footage on the ground floor is comprised of a street-level entry foyer, an elevator, and stairs to the penthouse.

The second floor of the penthouse spans the entire second floor of the building. Tiffany’s once used the second floor of the building to showcase its wares, but the jewelry store downsized to the ground floor only.

Luxe Apartment Atop Tiffany’s in Palm Beach Headed to the Auction Block appeared first on Real Estate News & Insights | realtor.com®.