Public real estate listing photo of 1997 Emerald Pointe Drive
A Soddy-Daisy lakeside estate listed for $2.8 million sold for less than $1 million at an auction without reserve Thursday, despite six interested bidders.
The winning bid of $990,000 came from a local buyer, according to agents involved in the deal. The 16-room estate at 1997 Emerald Pointe Drive had been on the market for about two years.
Julie Lochmaier, an agent with Keller Williams who represented the buyers, said they were thrilled with the deal.
“It was a once-in-a-lifetime opportunity for them to purchase this incredibly unique and beautifully crafted home,” she said. “They were pleasantly surprised.”
With the winning bid sliding in at well less than half the estate’s listed price, the auction without reserve highlighted the difficulty luxury home owners face when it’s time to put their dream home on the market. High-end homes are often highly customized and appeal to only a small sliver of potential buyers, said Chattanooga Realtor Linda Brock.