A $10.5 million Ritz-Carlton Residences penthouse in South Florida is set to hit the auction block later this month.
The 7,031-square-foot penthouse, the largest single-level home for sale on Fort Lauderdale Beach, will be auctioned off on Oct. 30 during the Fort Lauderdale International Boat Show.
At the show, thousands of boat enthusiasts and vendors from around the world converge on the oceanfront city for five days (Oct. 28–Nov. 1) to share their love of all things aquatic.
The penthouse’s sellers are counting on some of the show’s well-heeled and sea-loving attendees to take advantage of the opportunity to snap up an oceanfront condo.
The no-reserve auction will take place at at 1 N. Fort Lauderdale Beach, Apt. 2102, on Oct. 30, with bidding also allowed by phone. “No reserve” means that there is no “hidden minimum” that the property has to sell for.
“What an auction can do is create a defined sales event around an exceptional property,” says Tara McLean, president and co-founder of Elite Auctions, which is handling the auction.
“Instead of allowing the luxury home to sit on the market, we concentrate the market into focusing on a campaign designed to create urgency, competition, and price-discovering from qualified buyers.”
Once the auction begins, bidders will compete under the previously agreed-upon terms and conditions, and “the highest bidder becomes the buyer,” she tells Realtor.com®.
What they are bidding on
The sprawling 20-year-old penthouse, located atop the 25-story Ritz-Carlton hotel, has panoramic views of the Atlantic Ocean and Intracoastal Waterway. A Ritz-Carlton Residences is also being built less than a mile away at 551 Bayshore Drive.
The property, one of only two penthouses on the 21st floor, came on the market in January 2025 at a smidge below $15 million. It’s received four price cuts since then, according to public records.
With a 2,500-square-foot terrace boasting more than 130 feet of ocean frontage, and all the amenities and services of the Ritz-Carlton global hospitality brand, the penthouse is expected to fetch a market-level price.
The floor plan includes four bedrooms, 5.5 bathrooms, a great room, family room, formal dining room, media room, built-in cabinetry, walk-in closets, a pantry, marble and hardwood finishes and floors, and hurricane-resistant high-impact glass.
Amenities of the resort-style building include a residential concierge team, private lobbies and elevators, a door attendant, valet service, a cutting-edge 10,000-square-foot spa, and heated ocean-view pool and fitness center.
It comes with a monthly fee of $12,375.
The bidding process
While participants must previously show they are qualified, as well as put down a bidder’s deposit of $50,000, is there any danger of a bidder tossing out an extreme lowball offer?
“We don’t see that,” McLean says. “They’re educated on the property. They know its value.”
To better guide buyers, the condo is also listed on the multiple listing service with an asking price of $10,495,000. A buyer can also skip the auction and go straight to an offer as with any other home sale.
The list price gives interested parties an idea of what the property is valued at and provides public disclosures with which they can conduct due diligence, says the auctioneer.
The penthouse “is priced very well,” listing agent Arno De Vos of De Vos Real Estate tells Realtor.com. “Anybody who gets it at a number under that will have secured a pretty significant residence at a phenomenal price.”
Nor is the broker bothered by the idea that anyone will come in with an absurdly under-market bid.
“They know the folks in the room with them at the auction are other qualified individuals,” he explains. “They know they’d be wasting their time if they come in with that $500 offer.”
Private showings can be scheduled up until the auction, which lasts for one day and finishes when the bidding ends, not at any set time.
The broker says he suspects the successful bidder will be someone who has “had their eye on the residence” and will now realize that “if I don’t grab it today, someone else is going to.”
“The objective is to put multiple potential buyers in the same process and let the competition establish market value,” says McLean. “Once the auction begins, the property sells to the highest bidder regardless of price.
“If $9 million is the price at the end of the day, then we have established market value.”
Another penthouse in the building, this one measuring 4,056 square feet with three bedrooms, is currently listed at a smidge under $7 million, or $1,725 per square foot versus $1,493 per square foot for the penthouse being auctioned.
The advantage of an auction for a luxury property such as a Ritz-Carlton branded penthouse is that, unlike in an open market, there is a guaranteed sale in one day.
Sellers who prefer an auction over waiting for the open market to work its magic appreciate the shorter time frame and the opportunity to corral a bunch of qualified and serious buyers into the same room.
“These are wealthy individuals who are ready to move their asset,” McLean says.
As for potential buyers who try to snap up a dream luxury property at auction, McLean adds, “They love the competition. They see it as, ‘Hey, this is a great opportunity. Maybe I will be able to get it for a great price.'”
