Miami Heat's Mike Miller Attempts Second Victory This Week After Winning NBA Title - Auctioning Off His Oceanfront Estate Home

Miami Heat's Mike Miller Attempts Second Victory This Week After Winning NBA Title - Auctioning Off His Oceanfront Estate Home

Residential News » North America Residential News Edition | By Michael Gerrity | June 22, 2012 11:23 AM ET

(Pompano Beach, FL) -- Just on the heels of his explosive 23 point performance last night in the NBA Finals victory, Miami Heat point guard Mike Miller aims to score a second time on the home front this upcoming week.

On June 30th Mike is auctioning off his 9,000 sq. ft. uber-luxe oceanfront estate home.

Miller's Hillsboro Shores estate home is located in Broward County, Florida and has three levels of living space totaling nearly 9,000 interior sq. ft., and 2,700 sq. ft. of finished outdoor area.

There are 6 bedrooms, 8 full and 2 half baths, including an elevator, 2 gourmet kitchens, a climate-controlled cigar and wine room, a media room, game parlour, onyx wet bar, marble fireplace, custom aquarium and a Crestron system for home audio and video.

The outdoor living area features a swim-up pool bar and a newly built entertainment lounge. There is also a 100 ft. marble dock and two lifts for small watercraft. Years ago in a headier market, the home sold for a cool $12 million.  The property was originally built in 2005.

The property is uniquely located within the Hillsboro Inlet, which allows for both protected ocean frontage and large yacht dockage capabilities.

The absolute auction is being handled by Platinum Luxury Auctions LLC, an auction house specializing in multi-million dollar real estate and asset sales. The home will be sold to the highest bidder on June 30th regardless of price, meaning that a sale is essentially guaranteed.

Trayor Lesnock, president Platinum Luxury Auctions tells World Property Channel that Mike originally bought the property out of foreclosure at $5.4 million two years ago and has spent over $1 million upgrading the property himself.
In a one-on-one interview with Mike Miller, when asked why the auction route versus traditional sales route for selling his home, Mike replied: "Auctions allow for real price discovery. It allows the market to really reveal the property's true value. Many people don't fully understand how this works, but I do."

Miller further commented when asked why he was selling this home, "This was always the goal I had in mind when I bought it in the middle of the housing crisis a few years ago, to purchase it at a discounted price, add value to it and sell at the appropriate time...and now is that time."

Given that the sports media world has converged on the Miami Heat and Mike Miller over the past month as they made a successful run at the NBA title, Mike's timing is near perfect to leverage that global spotlight and his, and his team's success to flip this home at potentially significant upside come end of June.
Local luxury real estate expert Lori Novello of Galleria International tells World property Channel, "Based on current listing comps in the immediate area, and recent home sales...and by calculating water frontage, lot size, home sq. ft., and age of home, they estimate the home is worth between $7M and $7.5M for a normal seller."

"But Mike Miller is no average seller. There is a good chance he will get a nice premium as a Miami Heat sports celebrity coupled with the fact of increased velocity of luxury home sales in Broward County over the last year" concluded Novello.

Miller added that he already has his eye on a few luxury properties to buy in the southern end of Broward County to be closer to the Miami Heat and American Airlines Arena, but he said he's keeping it a secret for now.

They say timing is everything in life, and if that is true, Mike Miller may be enjoying his second major victory in the same week as winning the NBA title.


Mike Miller's oceanfront estate (subject property in red border)

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