JACKSONVILLE, Fla., Nov. 20, 2012 /PRNewswire/ -- Platinum Luxury Auctions needed only 7 days to find a buyer for a lakefront mansion in Jacksonville, Florida's prestigious Glen Kernan Golf and Country Club. Although the auction date was scheduled for October 27th, a buyer placed the property under contract within the first week of Platinum's marketing campaign. Prior to the auction program, the residence had been listed for sale for 5 consecutive years. Platinum then produced a second pre-auction offer that was secured as a back-up to the first purchaser, making the actual auction event a moot point. The initial buyer's offer prevailed and he closed on the property in mid-November. The sale price of approximately $1 million was equal to 91% of the property's latest list price and more than 98% of its appraised value at the time of sale. Platinum worked in close cooperation with the property's listing agents, top-producers Chris and Denette Triplett of the RE/Max Specialists' "Triplett Team" in Jacksonville. The Triplett Team also represented the buyer in the transaction. "This is an excellent demonstration of 'luxury auction as tipping point,' using the auction process to capitalize on pre-existing interest. The Tripletts did a fantastic job working with our team to make the sale a success," said Trayor Lesnock, Platinum's president. Lesnock explained that in many cases – such as this one – the existing, prospective purchasers for a property just can't be forced to put forth an offer. By using the auction to set a deadline for the date of sale and force buyers to compete to own the property, those existing buyers often experience a strong "fear of loss" that pressures them to finally make a deal.