Selling to the highest bidder: Raleigh mansion with a Russian criminal history
Seven months after hitting the market at $10 million, a Raleigh mansion once raided by FBI agents investigating an explosive murder-for-hire plot still has no buyers.
Even after a $1 million price drop.
It’s now up for sale through a live, in-person auction. What’s more intriguing: there’s no reserve.
Starting at 6 p.m. Aug. 23, the 16,856-square-foot house at 6510 New Market Way in the North Ridge Country Club neighborhood will sell to the highest bidder.
“No matter the bid price,” said Trayor Lesnock, founder of Platinum Luxury Auctions.
Listing agency Engel & Völkers Raleigh has partnered with the Miami-based auction house to sell the property.
In a no-reserve auction, the seller can’t reject or decline any bids, and there’s no minimum bid. The highest bidder wins the house, even if the bid is lower than the seller’s estimate.
“If the highest bid is $1 million, it’s sold for that amount,” Lesnock said.
That would be a relative steal for the swoon-worthy mansion with “Texas-cream limestone” columns and “Brazilian cherry-wood doors” that once housed the storied Russian couple, Leonid and Tatiana Teyf.
In 2018, the FBI raided the estate, indicting the couple on charges that included money laundering, plotting a murder-for-hire and defrauding the Russian government out of tens of millions of dollars. The Teyfs eventually surrendered $6 million in assets but kept the mansion, The N&O reported
Today, the mansion stands behind a black cast-iron gate on a 1.8-acre lot overlooking the club’s 18th green. It boasts eight bedrooms, 14 baths, two elevators, sauna, gym, a saltwater pool and a remodeled bank-vault wine cellar.
Wake County real estate records show it solely in Tatyana Teyf’s name. The total assessed value is slightly more than $8 million.
An auction sale, especially at this price and location, would be something of rarity in the Triangle real estate market, say experts.
While foreclosed or bank-owned auctions are common at lower price points across the state, they’re not standard fare for the state’s luxury housing market.
This is Platinum’s first offering in the Triangle, Lesnock said.
But given the home’s eye-watering price tag (now listed at $8.99 million), storied past, and the sluggish market, it could be a strategy that helps seal the deal, and fast.
Lesnock said house auctions remove significant inefficiencies — like excess negotiations, contingencies and financing issues — creating advantages “for both buyer and seller.”
How it works
Would-be buyers and agents can preview the property by appointment starting Aug. 2. Platinum’s agents will be on-site to assist, the listing notes.
Bidders must be registered by 5 p.m. Aug. 22. Conditions include a $100,000 deposit and pre-approved terms of sale.
Bidders can participate in person or from anywhere in the world via telephone or FaceTime but a representative must be on-site on their behalf.
Given the terms of sale, Lesnock said the auctioneer cannot dictate a starting or minimum bid. Instead, proceedings kick off only once a bidder proffers a bid, which is then accepted by the auctioneer.
Bid amounts are generally low compared to the final bid, allowing for “maximum participation from the bidding audience,” he said.
It’s also over quickly. The whole process takes “only 10 to 15 minutes” from the first to the final bid, Lesnock said.
Closing occurs within 30 days of auction.
The seller’s strategy
The home’s listing agent, Elena Stoyanova, a Realtor with Engel & Völkers Raleigh, said she’s optimistic about this approach to selling multimillion-dollar real estate in today’s Triangle real estate market.
Since the sale is guaranteed, she hopes it generates more hype around the listing. The agency is also leaning into a marketing blitz of television commercials. “We want to sell faster; this is an opportunity.”
She expects to attract five to seven bidders, but said it’s too soon to guess where the final price will land.
“It’s not a $700,000 house where there’s a pool of buyers. We’ve had a lot of interest. But for a price and property like this, it takes a unique buyer.”
For more information, go to Engel & Völkers Raleigh’s website at https://raleigh.evrealestate.com/.
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This story was originally published July 26, 2024 at 5:30 AM with the headline "Selling to the highest bidder: Raleigh mansion with a Russian criminal history."
