June 08, 2010 12:57 ET

Forest Hills Luxury Home Sells for $1.1 Million

NASHVILLE, TN--(Marketwire - June 8, 2010) -  One of Forest Hills' most luxurious homes finally has an owner -- for the first time. The 8,600-square-foot luxury home sold at auction Saturday, June 5, for $1.1 million, with Nashville-based McLemore Auction Company managing the sale.

The luxury home auction attracted 20 bidders, who competed for almost a half hour before bid caller Eddie Porter declared the home sold.

"This was really a great turnout," said Will McLemore, president of McLemore Auction. "We've seen huge amounts of interest in this property due to its desirable location in Forest Hills, and we had a strong field of bidders, primarily from metro Nashville. A lot of people want to make Forest Hills their home, and one lucky bidder did that on Saturday."

At $1.1 million, the sale nearly reached the home's previous asking price, according to McLemore. The home, which went on the market just as the real estate slump hit, never found a buyer before Monday. "It was a case of terrible timing, combined with a location on a very steep lot," he said.

"But it was in a very desirable community, and it was a great home. It just needed to find the right buyer at the right time. We're happy we found that buyer on Saturday, and we're very pleased with the outcome of the auction. With 20 bidders, we can be confident that we got a fair market value," McLemore said.

He noted that the home sold at absolute auction, with no minimum or reserve. "Absolute auctions for luxury homes are pretty rare in the current market, but we felt that offering this one without reserve would get the best result. That turned out to be the case."

McLemore Auction Company specializes in the sale of real estate and personal property in Nashville and Middle Tennessee. The company's auctions include a full range of assets, including homes, land, equipment, vehicles, antiques, art, and furniture. Individuals interested in bidding or selling assets may visit www.mclemoreauction.com or call 615-517-7675. More auction information.