Bidding is on for most expensive home ever to hit the auction block

For sellers, auctions give them a chance to sell the property in a fixed time frame. And Concierge’s data-base of over 500,000 potential buyers and sellers and real-estate contacts worldwide gives sellers a bigger buying pool.

Bidding on Playa Vista Isle started Monday on ConciergeAuctions.Com and concludes Thursday night.

Technically there is no reserve, meaning there is no minimum price at which the seller will sell. But Brady said interest is already high and dozens of bids are expected. In order to bid, however, buyers need to wire $250,000 into an escrow account, which they get back or apply to the purchase price if they win the bid.

“This is an amazing property, it’s not going to sell for $10 million or some unrealistically low price,” Brady said. “It cost $100 million to build. The buyers that are coming forward are smart, they understand the value. It’s up to my team to explain what was put into the property, the value of the property and the land, so it’s going to sell at a fair market price.”