A Gavel Drop on the Battery

With a sharp crack of a gavel nearly 800 miles from Charleston, one of the Battery’s most storied homes found a new owner.

The four-story Nathaniel Ingraham House at 2 Water St. sold Jan. 27 for $7.4 million during a Sotheby’s auction in New York City — millions less than its original $17.9 million asking price, according to reporting by Post & Courier.

The result marked the end of a months-long effort to sell one of Charleston’s most architecturally significant waterfront residences. First listed in October, the home struggled to find a local buyer despite both on- and off-market marketing attempts, Middleton Rutledge of Daniel Ravenel Sotheby’s International Realty told Post & Courier.

That reality prompted a pivot.

Rather than waiting for a Charleston-based buyer, the listing team turned to an international stage, partnering with Sotheby’s Concierge Auctions to broaden the home’s reach. “With an auction,” Rutledge explained to Post & Courier, the property could be positioned in front of global buyers already accustomed to purchasing trophy assets.

Bidding officially opened Jan. 16 after meeting a $6.25 million reserve. The auction culminated less than two weeks later at Sotheby’s worldwide headquarters — the iconic Breuer building on Madison Avenue — as part of the firm’s “Visions of America” series celebrating luxury, craftsmanship, and historic design, Post & Courier reported.

Sotheby’s Concierge Auctions CEO Chad Roffers described the house as deserving more than a standard listing. Presenting it within the Visions of America sale, he said, created “an experience that matches the stature of the home,” allowing buyers to engage in a transparent, competitive process, according to Post & Courier.

The auction moved quickly. When live bidding began at 6 p.m., the high bid stood at $6.35 million. Less than 15 minutes later, the home sold for $7.4 million, Post & Courier reported.

Perched on an L-shaped double lot overlooking Charleston Harbor, the Battery home has long been described as “museum-quality” by auctioneers, Post & Courier noted.

Inside, the second-floor ballroom steals the show. Stretching 31 feet across the front of the house, the room features original plaster moldings, hardwood floors, and sweeping harbor views. “One of the most amazing things about the house is the beautiful ballroom on the second floor which looks out on the harbor,” Rutledge told Post & Courier.

The home is currently owned by former state senator and Charleston attorney John Kuhn, who purchased it for $6.2 million in 2016. He placed the property into a trust a year later, according to county tax records cited by Post & Courier.

The same evening also saw bidding close on another downtown Charleston property — a renovated home at 143 Broad St. Listed for $3.375 million, it ultimately sold for $2.55 million, Post & Courier reported.

As with all Sotheby’s Concierge Auctions sales, buyers were required to pay a 12% buyer’s premium in addition to the purchase price, with a 2.5% compensation paid to the buyer’s broker.

This is a summary of an article published in the Post & Courier. Click here if you’d like to read that article.