By Dave Schwab
Terms were not disclosed, but a bank-ordered public auction sale of a 13,452-square-foot foreclosed oceanfront “trophy lot” at 1620 Torrey Pines Road held Tuesday was successful.
“We actually got an 11th-hour. pre-auction offer the bank accepted ahead of time, literally right before the auction,” said Steve Uhlir of SURE Real Estate and Auction Company of America which, along with Patrick Miller and Trever Jensen of Lee & Associates, cooperated in offering the property for sale at the auction which was to be held at the La Jolla Museum of Contemporary Art starting at noon.
Uhlir said neither the buyer nor the property’s selling price can be revealed until the preprty is out of escrow.
“We have a short escrow and we’re looking into a quick close,” he said. “Normally it would be 45 days. but we’re going to do it in 30 or perhaps as soon as 14.”
But Uhlir did discuss how the deal went down.
“We had a good buyer who saw the inherent value of the property and wanted it,” he said, adding three pre-auction bids were received.
“One was a low-ball offer,” he said. “Another was strong, but not strong enough. With the third (buyer) we had an offer on the table the night before that was sweetened the next morning, which was the one Fullerton Community Bank chose: They wanted it (property) sold.”
Uhlir said the property previously had been listed as high as $8.5 million as a buildable lot with plans and permits, and at $16.5 million as a finished home. Much of the necessary permitting to develop the property, including Coastal Commission permits, were included in the purchase price.
Touted as “one of the last buildable” oceanfront lots in La Jolla, there are existing development plans for the 1620 Torrey Pines Road property drawn up by La Jolla architect Claude –Anthony Marengo for an 8,900-square-foot, three-story home including a pool, car port and an elevator.
Uhlir said all parties involved in the public house auction were satisfied.
“Everyone’s happy,” he said. “The buyer was willing to come up, the bank was willing to negotiate — everyone had to contribute to make this thing happen.”