An exclusive waterfront property located in Kings Point that went on auction last week was sold for $3.18 million. The opening bid was $2.1 million on the 40,000- square-foot lot with a 3,700-square-foot, seven-bedroom, 2.5-bath contemporary-style home.

The property features a 395-foot frontage on Manhasset Bay.  The home also has a 14-foot elevation and an additional 20,000 square feet of usable shoreline.

“The auction started at 7 p.m. and probably took about 3 minutes,” says Richard Maltz, Vice President of the Real Estate Auction Division at David R. Maltz & Co., Inc., who added that there were eight bidders.

The property, was previously on the market for more than a year, with the most recent asking price of $3.89 million.  Closing is set for Sept. 5.  The name of the buyer was not released.