Sotheby’s International Realty Affiliates LLC today announced the signing of an exclusive 25-year master franchise agreement covering Lazio, Rome, with St. Peter – Real Estate s.r.l.

The new firm now will operate as St. Peter Sotheby’s International Realty, with Angelo Savioli serving as office manager and managing director, Arch. Gianluca Puracchio as senior broker and Lola Echeverria Precioso as broker.

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Online Luxury Real Estate Auction

A recent trend in the luxury real estate market is online auctions, although, much like the bricks-and-mortar auctions recently, the goal seems to be generating interest rather than actually holding an auction. One recent example is Wrentham House, an 1891 stone and shingle mansion on Ocean Avenue in Newport, Rhode Island, which hit the online auction block on July 6th. The mansion had been previously listed at $14 million, but the opening bid was just $6.5 million after the property remained unsold for 4 years.

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One of the San Fransisco Bay area’s major luxury real estate brokerages has been sold to a smaller rival for an undisclosed sum, although we suspect the sum was rather less than might have been expected a few years ago. The ongoing financial crisis continues to put pressure on the amount of brokerages on the ground and this is one of many recent consolidations.

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The partially completed Momi Resort development in Fiji will go up for mortgagee auction on July 22nd

The Fiji National Provident Fund (FNPF) has appointed Bayleys Real Estate to handle the sale of the first stage of the development which encompasses more than 350 residential luxury homes sites, a partially completed nine-hole golf course, golf clubhouse, and hotel complex after the developers were unable to refinance.

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The Blackstone Group (NYSE:BX) today announces the final closing of its latest real estate fund, Blackstone Real Estate Partners Europe III (“BREP Europe III”).

The closing brings to the fund total equity capital commitments of over €3.1 billion. The initial intended target was €2.5 billion. The fund will target property investments throughout Europe and is composed of commitments from a diversified group of limited partners from around the world.

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Troon Golf, the leader in upscale golf course management, development and marketing is pleased to announce it has been selected to manage The Bridges Golf & Country Club. The semi-private facility is located in Montrose, Co., approximately 65 miles north of Telluride on Colorado’s stunning Western Slope.

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