Last month we told you about the amazing El Milagro estate in Rancho Santa Fe, which Concierge Auctions was auctioning off on August 15, and we weren't surprised at all to learn that the property sold for a record price. The auction house announced that after eight bidders fought over the property, El Milagro's final sale is now the "highest recorded price in the exclusive Covenant of Rancho Santa Fe since a $15M sale in October, 2008" —though they're keeping quiet on the actual price tag.

“I've always been pretty good at staying on the cutting edge of trends,” says the seller, Bill Walters (a entrepreneur and gambler who apparently brought statistical analysis to the betting world). “Non-distressed sellers will increasingly choose to sell their trophy properties through auction, as it's simply the best way to take control. If the market is trending up, then strong bidder interest drives the highest price. If it's down, the auction creates momentum and urgency. And, best of all, the seller has a defined date of sale.”