Photo: Courtesy of Chris Cortazzo Coldwell Banker
This stunning Malibu may turn out to be the deal of the century.William J. Chadwick, a managing director of real estate investment banking firm Chadwick Saylor & Co. initially listed the home in 2008 for $65 million, but even after several price chops he was unable to unload the property, according to Forbes.
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Now, he’s turning to an auction house to help him sell the estate.
It is not a foreclosure auction nor is the property in default.
Rather the upcoming auction is the latest example of a growing trend of high-end home sellers choosing to auction their residences off as a way to nearly guarantee a home sale.
The starting bid of $22 million, coupled with the original listing price, makes it the highest priced home ever to go on auction, a broker with Premiere Estates Auction Company, which is overseeing the sale, told Forbes.
The 9,500 square foot home has two kitchens, a movie theatre, six bedrooms, and nine bathrooms. There’s also an awesome built-in aquarium with tropical fish.
The auction is scheduled for Sept. 18.
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