10/19/2019 | Press release | Distributed by Public on 10/18/2019 15:31
Press Release - October 19, 2019
DALLAS, Texas (October 18, 2019) - Frank Lloyd Wright's last residential design, the Norman Lykes' House, sold for $1,677,500 million at a live, public auction held Wednesday, Oct. 16, in Phoenix, Arizona, by Heritage Auctions. The auction was held inside the iconic contemporary home with no minimum starting bid and was sold without reserve.
Bidding opened at a conservative $750,000 and response from the 19 registered bidders was immediate. Paddles quickly flew up and bids jumped to $1.5 million before ending at $1.67 million.
Nate Schar, Director of Luxury Real Estate for Heritage Auctions, credited the auction house's worldwide marketing campaign reaching a base of more than 1.2 million clients around, garnering international headlines on the home.
'Heritage found so many buyers from all over the world that loved this home, that they paid 70 percent over neighboring, competing non-Frank Lloyd Wright properties for the chance to own it,' Schar said. 'It's a testament to our platform and marketing capabilities.'
The winning bidder does not wish to be identified at this time, but the winning bid came from a man who lives out of state, who plans to keep the home intact and use it as a vacation home.
Also known as 'The Circular Sun House,' the iconic, 3,095-square-foot renowned estate is located on more than 1.3 acres on the edge of the Phoenix Mountains Preserve.
The home was sold fully furnished, complete with the original furniture and fixtures Wright designed specifically for this house. It was commissioned by the Lykes family and required eight years to complete.
'The process was extremely smooth and the auction was run very well,' said Jack Luciano, realtor with Phoenix' The Agency, who collaborated with Heritage on the sale. 'The public reaction has been very positive and the response to my social media has been extremely well received, with most stating the home sold for what they thought it would go for.'
A hallmark of Wright design, the home was built to embrace organic architecture and take full advantage of the views afforded by its mountainside location. Its curved lines in the home play off the curves of the Phoenix Mountains. Wright designed the home so that the windows would never see direct sun, yet the house would remain flush with natural light.
Heritage's Luxury Real Estate Auction set a record for the sale of Frank Lloyd Wright's-designed Sondern-Adler House, located in Kansas City, Missouri for $1 million.
Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world's largest collectibles auctioneer. Heritage maintains offices in New York, Dallas, Beverly Hills, San Francisco, Chicago, Palm Beach, London, Paris, Geneva, Amsterdam and Hong Kong.
The Internet's most popular auction-house website, HA.com, has over one million registered bidder-members and searchable free archives of four million past auction records with prices realized, descriptions and enlargeable photos. Reproduction rights routinely granted to media for photo credit.
Eric Bradley, Director, Public Relations
214-409-1871; [email protected]