PALM BEACH, Fla., April 2, 2013 /PRNewswire/ -- On April 27, 2013, a regal estate in one of the nation's premier residential communities will be offered for sale at a live auction. In what is likely a first for the development of John's Island in Vero Beach, Florida, the large, waterfront property will be sold to the highest bidder above a reserve price of $4.25 million. The home was listed for as much as $9.65 million prior to being scheduled for auction. (Photo: http://photos.prnewswire.com/prnh/20130402/FL87502) While an auction sale in this famously reserved community is sure to be considered unusual, this is not your typical real estate auction. In this case, the owner of the property elected this method of sale after growing tired of the lethargic pace of high-priced home transactions in the Vero Beach marketplace. After carefully evaluating a number of auction service providers, the seller retained veteran auction firm Platinum Luxury Auctions to manage the sale. Platinum is an industry-leading auction house headquartered in Miami, Florida that focuses exclusively on the sale of luxurious and unique properties owned by wealthy individuals. Platinum's president and founder, Trayor Lesnock, stated that the seller is a very private businessman who owns several large-scale businesses throughout the United States. He and his wife decided to sell the mansion after spending much less time there than they had anticipated. While John's Island is already quite exclusive, the location of this estate goes one step further. The residence is one of only forty luxurious, single-family homes located on what is known as Gem Island, a very small, oval-shaped island nestled within the community. The home sits on a 2-acre lot on the northeastern tip of the Island, and boasts ample water frontage on the Indian River. It offers two living levels, with more than 10,700 interior square feet and nearly 12,100 total square feet. There are six bedrooms, seven full and one half bath. The ground-level master suite offers especially captivating views of the waterways and also features its own private outdoor jacuzzi. According to David Enriquez, Platinum's senior project manager, the auction's reserve price presents buyers with an incredible deal. "Two smaller homes on the western face of the island, both on smaller lots, have sold within the past year at $5.5 million each. That makes this auction a no-brainer for those seeking waterfront living in John's Island," noted Mr. Enriquez. Other features of the estate include an immense grand salon perfect for entertaining, a gourmet kitchen with double islands, separate butler's prep kitchen, elevator, 3-car garage, outdoor summer kitchen and infinity pool. There is also a private boat dock for small-to-mid-sized watercraft. Access to the Intracoastal Waterway and Atlantic Ocean is unrestricted, with no fixed bridges.