The ex-managing director of Fortress’s Drawbridge Special Opportunities Fund George Graham has joined Sotheby’s International Realty’s Concierge Auctions. By strategically partnering with the nation’s most motivated sellers and leading real estate professionals, Concierge Auctions offers premier properties at a rare value. The company was founded three years ago by a South Florida broker who was hoping to move properties that were experiencing difficulty in a downed real estate market. Concierge’s upcoming auctions include the likes of a $8.5 million estate in
Far Hills, New Jersey (auction taking place Saturday, September 26th, 2009, 11:00am), and the $8.5 million Froh Heim Mansion Far Hills, New Jersey (auction also taking place Saturday, September 26th, 2009, 11:00am), and buyers will be able to get their hands on these properties for a discounted price.
Graham will be leading the company as the new CEO. According to Fortune magazine, Concierge is hopeful that Graham’s history as a lender and investment banker will bring valuable relationships to the company. “There is a pipeline of multimillion-dollar properties that are underwater,” Graham said. “In most of these areas the homes aren’t selling. There’s a multi-year supply.”