Astec Industries founder J.Don Brock appears to have sold his sprawling seven-bedroom, 10-bathroom mansion on Missionary Ridge for an undisclosed price at a half-hour-long auction Thursday.
Concierge Auctions, which handled the sale, declined to release the price until the estate is officially sold and the deal is completely closed in about 30 days.
Three bidders attended and the winner is listed at an out-of-state address, said Laura Brady, managing director at Concierge Auctions. That winner also attended and bid -- unsuccessfully -- at another Concierge Auction property in Chattanooga before winning Thursday's auction, Brady said.
"It was a good sale, they had a good crowd there," she said. "We accomplished what we wanted to do in selling the property."
The five-acre estate at 240 South Crest Road includes the 19,000-square-foot home, a lighted tennis court, putting green, private gym, gardens and two cannons. The mansion was listed for $4.8 million and appraised at $2.3 million.
The Brocks, who raised their nine children in the Missionary Ridge mansion, decided to sell in order to move into a new, smaller home on Lookout Mountain and, after the home didn't sell in the traditional manner, used an auction to ensure the sale closed by the end of the year. The auction was initially scheduled for Nov. 22, but was delayed until Thursday at the last minute.
"We had a number of bidders interested and we wanted to allow them more time," Brady said of the delay. "I do think it helped the three bidders who were there to feel totally comfortable."
Listing agent Jack Webb at Crye-Leike could not be reached after the auction Thursday evening.
Auctions are a risky but surefire way to sell luxury property, which can often be difficult to sell through traditional methods. Multimillion-dollar homes are highly customized and tend to appeal to only a small market of potential buyers. One homeowner's dream kitchen may be a potential buyer's nightmare.
A 16-room estate on Soddy Daisy Lake was sold by Concierge Auctions for less than half its listed value on Nov. 22. The home at 1997 Emerald Point Drive had been on the market for about two years and didn't sell, so the owners went with an auction. The home, listed at $2.8 million sold for $990,000.
Contact staff writer Shelly Bradbury at 423-757-6525 or email@example.com.