A bankrupt real estate agent’s house, that was once valued at $87 million, is hitting the auction block after failing to sell during two years on the market, according to Business Week.The Italianate villa sits unfinished on 12.5 acres in the Newport Beach section of Southern California. The agent started building the house during the property boom in 2004 and 2005.
The house features a man-made lake, horse stables, vineyard, tennis court, 17-car garage, and views of the Pacific Ocean and Santa Ana Mountains. The house has eight bedrooms and 14 bathrooms.
The home had been priced chopped from $57 million to $37 million, but still would not sell.
Coldwell Banker’s No. 1 United States agent in 2004 and 2005, John McMonigle, dreamed up the home, which he originally named “Villa del Lago.”
It’s projected that more than $5 million of renovations are left to complete the home.
There are stables on the property, but they are unusable because there are no horses allowed inside the gated community.
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