Ted Townsend listened to the the experts and decided to part with a piece of Greater Des Moines real estate lore for a minimum $1 million, after listing his home for nearly $5 million in May 2013.

 

The experts are at Platinum Luxury Auctions, a Florida-based company that specializes in upscale properties. Townsend’s spread at 13031 Oak Brook Drive in Urbandale’s Deer Creek subdivision certainly qualifies.

 

In 1981, the former CEO of Townsend Engineering and founder of the Great Ape Trust spent $4 million to acquire the 3.6-acre property, dig a lake and build a 9,500-square-foot estate that features elegant architectural lines, sustainable woods, stacked roofs, four bedrooms, including a master suite that is accessible via a drawbridge, and 4.5 baths.

 

It was designed by Ruan Center architect Ken Kendall and built by Neumann Bros. Inc.

 

Townsend believes the house, if you can call it that, is too big for him. He splits his time between Greater Des Moines and a home that he found for his parents 45 years ago in Rancho Mirage, Calif. Both locales are to his liking, but he is ready for a new design challenge — he still owns additional property along Oak Brook where he can build a house that follows more horizontal lines, he said.

 

“I enjoy the process of creating residences,” Townsend said. “I’ve done it three or four places around the world.”

 

As of today, the house has been listed for the last 313 days by Heather Starr.

 

“It’s a unique property, and it has been offered at a price point where there are limited buyers in this area,” she said.

 

It was Townsend’s idea to find an auction house, Starr said. However, she doesn’t believe the asking prices, originally $4.9 million and later $3.9 million, were out of line. Townsend also has three nearby lots that are for sale, starting at $285,000 for one-half acre and a 3-acre parcel for $675,00 that could be divided.

 

“These are lots for someone who wants a lot of privacy, in the heart of the metro, and that’s nearly impossible to find,” Starr said. “There are some comps that help support these prices. Some of the comparable lots are farther west, and we think that helps support the value of these lots.”

 

Townsend said he is ready to sell, even at a steep discount. He points out that his insurance company has set the replacement value on the house at $10 million.

 

“What I’m comfortable with is taking the lead and following the advice of the folks at Platinum … and this is their suggestion,” he said. “I recognize that there is a bit of risk there … but I’m at a point in life where I’m tired of waiting. It would be absurd for me to have three houses, two of them across the street from each other.”

 

Trayor Lesnock, founder and president of Platinum Luxury Auctions, said it is not unusual for his company to set a reserve price that is big step down from the asking price.

 

“Platinum’s Reserve prices are intended to represent significant discounts to a given property’s real value. However, in cases such as this one, even rigorous market analysis does not tell us what that real value may be for such a unique property,” he said in an email. “Our team felt that given the size and quality of the home, not to mention its acreage, the $1 million reserve is quite attractive.”

 

For interested buyers, previews will be held from noon to 5 p.m. each Wednesday through Sunday beginning June 10. The live auction is set for June 27.

 

It is interesting to note that two other Greater Des Moines properties are on the market for more than $2 million. One is for sale by Townsend’s neighbor Michael Vermillion, founder of Vermillion Group executive recruiting company. The list price is $3.9 million for the 7,890-square-foot residence that is located on 2.6 acres. In Glen Oaks, 1316 Burr Oaks Drive is for sale for $2.2 million.

 

The Deer Creek area in Urbandale is up for a zoning change that will eliminate the agriculture designation that has stuck since it was annexed in 1992. The new zoning will be a residential designation that covers the city’s largest lot sizes.