Luxury Home Sells for $4.84 Million in J.P. King Auction
A luxury home overlooking the Columbia River Gorge sold at auction for $4.84 million Thursday, with J.P. King Auction Company, Gadsden, Ala., managing the sale.
Thirteen bidders crowded around the auctioneer’s podium in the Great Room overlooking the gorge, opening the bidding at $2 million and continuing upward for about 20 minutes to the final sale price.
Purchasing the home was Howard Hedinger, chairman of Portland-based American Industries.
“This was a beautiful home in an unbelievable location, so we were expecting a strong turnout. Obviously, the bidders agreed with us,” said Craig King, president of J.P. King.
Other bidders came from Washington, New Jersey and California. To register, each bidder was required to present a cashier’s check for $50,000. Bidders listened to live music and enjoyed hors d’ oeuvres while waiting for the start of the auction.
The home, built in the Frank Lloyd-Wright style of architecture, had been built by the late Derald Ulmer, CEO of Gresham Transfer. Surrounded by 96 acres of pasture and grassland, the estate had a 22′ x 44′ pool, custom cabinetry, and views of the Portland Skyline and Mount Adams.
J.P. King is the nation’s leading auctioneer of mansions, condominiums, land, developments and other high-value real estate. Upcoming sales include an ocean estate in Ponte Vedra Beach, Fla., a ranch in Tennessee, and home sites on Lake Fork in Texas. Individuals interested in more information about those and other sales may contact J.P. King at (800) 558-5464 or visit the company’s web site at www.jpking.com.
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