SOURCE: Great American Home Auctions

Great American Group

October 05, 2009 14:45 ET

Multi-Million Dollar Baltimore Penthouse on the Auction Block for Only $950,000

Luxury Property to Be Sold for Bargain Bid on Saturday, Oct. 17

BALTIMORE, MD--(Marketwire - October 5, 2009) - Bidders have a rare opportunity to snag a multi-million dollar Baltimore penthouse for a bargain -- literally millions of dollars below the original listing price -- at an upcoming real estate auction.

The nearly 4,000-square-foot luxury, high-rise home will be auctioned on Oct. 17, 2009. Interested homebuyers can bid at the live, onsite auction or via online webcast at www.GAHomeAuctions.com.

"This is a once-in-a-lifetime opportunity for buyers to take advantage of the distressed real estate market and move into a luxury home for a substantial discount to what the property was valued at previously," said Dan Will, president of Great American Home Auctions.

The beautifully appointed 3 bedroom, 3.5 bathroom penthouse is located at 100 Harborview Drive. It features dramatic wraparound views, refined elegance, a prestigious address, and luxury amenities including a gourmet kitchen and wet bar, whirlpool tub, and two pools/spa.

According to Will, the penthouse was originally listed at $4.6 million and was last appraised for $3.6 million. The starting bid for the auction is $950,000 -- an unbelievable value on a premium property.

Great American Home Auctions will host open houses on October 4, 10 and 11 from 11 a.m. to 4 p.m. A broker's open house is scheduled on October 10 from 10 a.m. to 11 a.m. To schedule a walkthrough, call Irma DeSantiago at 949-295-2510 or Mike Kim at 310-600-0682. The property may also be viewed online or by appointment. Interested buyers can register now at www.GAHomeAuctions.com. For more information, please call 888-421-1892.

"There are many high-end properties on the market right now but this one is truly a standout," Will said. "We've found that auctions are a great way to market properties of this level and differentiate them from the competition. We anticipate tremendous interest from prospective buyers."

Great American Home Auctions, LLC, Mirtes S. Happy, Broker | Auction Conducted by David S. Fox, Auctioneer Lic: #AU0000015.

About Great American Home Auctions

Great American Home Auctions (GAHA) is a joint venture of two major national firms with more than 50 years combined experience in real estate and auction sales, Great American Group and Kelly Capital.

Great American Group is one of the nation's leading auction, liquidation and asset management firms. Founded in 1973, it has conducted thousands of retail and industrial auctions around the country, as well as abroad, for companies ranging from Boeing, Kmart, Mervyns, Office Max, Apple Computers and most recently Circuit City. Great American Group has successfully completed over $55 billion in transactions over its 35 year history. For more information, visit www.GAHomeAuctions.com.

About Great American Group

Successfully managing assets is essential in any business environment. For more than 35 years, Great American Group has partnered with businesses across the globe in effectively appraising and divesting assets with one main objective: to maximize value. Visit www.greatamerican.com for more information.

About Kelly Capital

A diversified private investment firm specializing in real estate asset management, Kelly Capital has a proven track record in the acquisition and disposition of residential real estate mortgages, real estate, other debt instruments and operating companies. Since its founding in 1993, the company has completed over $3 billion in transactions as principal investors, in performing and non-performing loan trades, real estate and company acquisitions. For more information, visit www.kellycapital.com.

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