Bloomberg News

Sharga Leaves Carrington to Join Real Estate Website Auction.com

July 11, 2013

Auction.com, a real estate sales service partly owned by Barry Sternlicht, hired Rick Sharga as executive vice president from Carrington Holding Co.

Auction.com, based in Irvine, California, has sold more than $20 billion of commercial and residential real estate, including foreclosed properties and luxury homes, through online and live auctions since it was established in 1991, according to its website.

“I don’t think the Internet’s had its full impact on real estate yet,” Sharga, 53, said in a telephone interview. “This company’s at the forefront of that change.”

Sharga, who will be the chief spokesman for Auction.com, joined Carrington, a Greenwich, Connecticut-based mortgage and real estate services company founded by Bruce Rose, in September 2011. He previously worked at RealtyTrac, where he was an often-quoted commentator on the U.S. foreclosure crisis.

Sternlicht’s Starwood Property Trust Inc. (STWD:US) and Starwood Capital Group LLC acquired their stake in Auction.com through a $1.06 billion purchase of LNR Property LLC that was completed in April. Auction.com’s website also lists Stone Point Capital, a private-equity fund led by former Goldman Sachs Group Inc. executives Stephen Friedman and Charles A. Davis, as an investor.

To contact the reporters on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net; Heather Perlberg in New York at hperlberg@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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Companies Mentioned

  • STWD
    (Starwood Property Trust Inc)
    • $23.9 USD
    • 0.05
    • 0.21%
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