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Even the venerable equestrian estates of tony Wellington in Palm Beach County are not immune to South Florida’s robust real estate market.
On Saturday, a lush 15-acre luxury estate in the “Equestrian Capital of the World” is scheduled to be sold at auction by long-time international equestrian, philanthropist and homebuilder Visse Wedell.
Around the globe, Wellington is known for its upscale equestrian, polo and ranch facilities, playing host to the world’s largest and longest-running horse show and competition: the Winter Equestrian Festival.
Previously listed at $14.9 million, the estate at 5141 Lasso Way includes a six-bedroom, three-bathroom home, an all-weather riding ring and grass jump field. Wedell built it in 2018.
Among the property’s other highlights:
- A 16,500-square-foot main barn containing 24 state-of-the-art stalls, two walk-in closets, a storage room, tack room, hay/feed room, laundry room and an office and lounge.
- Six acres which include a fully irrigated grass jumping field and a hurricane-tested, all-weather riding area. There is additional acreage for a stick-and-ball field or covered arena.
- Easy access for horse or supply transport. The property is privately gated and features a 25-foot wide driveway and several garage bays so a semi-truck can easily unload and load horses and supplies.
The estate is part of the 610-acre Wellington Preserve community with 124 lots created in 2003. Located west of State Road 7, the southern part of the community, where the estate lies, is designated as an equestrian preserve.
The auction is being conducted by Platinum Luxury Auctions of Miami, which has sold seven other properties in the area. The firm is led by founder and president Trayor Lesnock, who says Bitcoin is being accepted as payment.
In a telephone interview, Lesnock said Wedell is selling because she “is transitioning away” from active equestrian competition and doesn’t need a large horse farm.
She also wants to take advantage of “this extremely opportunistic sales window that exists for South Florida property owners,” he said.
Lesnock said both Wedell and Ryan Beckett, the listing broker and principal of BitRealty, are knowledgeable about Bitcoin and Beckett is working on a master’s thesis about cryptocurrency.
“Being we had these two in-house experts, the seller came up with the idea,” he said.
Property can be subdivided
The farm actually encompasses 22 acres, but only 15 acres are included in the bidding.
Lesnock said the high bidder would receive a right of first refusal to make an offer on the other seven acres.
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“You could develop an additional property,” he said, “You could do a large single-family residence or a ranch or a stick ball field.”
Whatever is developed must pass muster from an architecture committee run by the preserve’s homeowners association, which ensures the neighborhood retains its identity and theme.
“The community is for equestrian estates and horse farms,” Lesnock said.
The auction is scheduled to take place at 2 p.m. Saturday. The deadline for registering is 5 p.m. Friday. Bidders must put up a $250,000 refundable deposit.
The property will be sold to the highest bidder.