This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Six bidders vied on Tuesday afternoon to buy the King Road Estates in Park City. But it was a late-night effort by auctioneer Rob Olson, to land a $12 million offer from a seventh potential buyer, that added some additional drama.
The 6,800-square-foot home on 56 acres just off the Payday ski run at Park City Mountain Resort received attention from bidders worldwide. It was announced earlier this month that U.S. Bankruptcy Court trustee Duane Gillman intended to put the property on the auction block.
"We had six interested buyers at the auction one on the phone," said Rob Olson, the veteran Utah auctioneer who stood in the living room of the high-end luxury home and offered the property to the highest bidder.
The auction ended when the Cherng Family Children's Trust, which held a note on the property, submitted a "credit bid" of $10.5 million. With that bid, the trust established by Panda Express founders Andrew and Peggy Cherng was offering to take over the property essentially for what it was owed.
Olson, however, wasn't content with the final bid. Late into the evening he pursued a promising lead from another potential buyer he described as a well-known billionaire who previously had stayed at the property.
"We were exchanging e-mails up until about midnight when he decided not to put in an offer," Olson said. "I really think $12 million for that property would have been a real steal."
On Wednesday morning, U.S. Bankruptcy Court Judge Joel T. Marker approved the Cherng bid.