Californian tower becomes world's most expensive online property

A tower in California has become the world's most expensive property ever bought online.

Manhattan Towers, a two-building, 309,734-square-foot office property in Manhattan Beach, sold on Auction.com on 22nd July. The transaction was the highlight of a week that saw more than $300 million in commercial real estate assets successfully auctioned online via Auction.com.

The property sold for $96.075 million, which Auction.com believes to be the largest online real estate transaction ever recorded.

The landmark figure follows a string of increasingly extravagant property sales in recent years. In London last month, one mansion received an offer for £280 million, which would have made it the most expensive single home ever sold in the UK. At the same time, a smaller Mayfair penthouse was bought for £26 million, a price that worked out at a record-breaking £7,000 per square foot.

Such expensive transactions, though, are traditionally carried out in person through an estate agent.

The Auction.com sale represents the largest verified e-commerce transaction ever based on current Guinness World Records information. While the purchase of a "Gigayacht" in 2006 has been reported by several online outlets as the largest transaction ever on eBay, other sources have reported that the online auction ended at the $85 million "buy it now" price, which falls short of the Manhattan Towers online auction. 

"As the commercial real estate landscape changes, the way people buy and sell real estate evolves, and Manhattan Towers is proof of just that," says Gordon Smith, general manager of Auction.com's commercial real estate division. "Over half of the commercial properties we bring to auction are Class A, non-distressed assets and that's a trend that will only continue to grow."

Built in 1985, Manhattan Towers is located at 1230 and 1240 Rosecrans Ave., in Manhattan Beach. The two buildings consist of six stories each. CWCapital was the seller and the deal was brokered by Eastdil Secured.

"This is the largest single property sale we've ever executed. It really shows the power of our online platform, and certainly suggests that the market is ready for online real estate transactions to become more and more common in the years to come," adds Auction.com Executive VP Rick Sharga.