For Sale: $28,800,000
Not all houses that are slated for auction are foreclosures. Take, for example, an enormous, high-end estate on Mercer Island, Wash., near Seattle. The 13,000-square foot home sits on a large parcel and offers significant water and mountain views, as well as a short commute to downtown Seattle. Even with median Mercer Island home values currently $734,700, a home listed at $28.8 million has a significant price tag.
It went up for auction August 30 through the auction site JP King, and while the home didn't sell during the auction, JP King identified four interested buyers.
"We'll work with the bidders to get a deal that wasn't made on auction day," said Caley Newberry, communications manager at JP King.
The home first made a splash last year when it was listed for $32 million, making it the most expensive real estate listing in the Seattle area.
But, after a year on the MLS, the owners decided to auction the property.
"The great thing about the auction is that there's a 90-day turnaround. The owners don't have to wait around; they buy it on their terms," said Newberry. "A property has been on the market five years, then you put it up for auction and it sells."
High-end real estate usually takes longer to sell than a market-priced home. Using an auction site, says Newberry, speeds up the process because the auction company will market internationally to a specific group of potential buyers.
Additionally, sometimes it's hard to tell the market value of a multimillion dollar estate like the Mercer Island home for sale.
The owner "put a lot of money and time into this house and it's hard to tell exactly what the value is because it's so customized," explained Newberry. With an auction, "you know you're getting the market value because the market speaks up."
The estate sits on a 1.66-acre lot and has 160 feet of beach frontage. Completed in 2010, the home has 7 bedrooms and 11.25 bathrooms. One of the bedrooms is an owner's suite, with high ceilings, granite fireplace, sitting area with lake views and access to a private terrace, as well as a deluxe master bath. Four other rooms are located in the children's wing, which has a playroom and wraparound terrace that also features lake views.
Additionally, the home has a 200-bottle capacity wine room, movie theater, command center for lighting, security and music as well as two elevators and a basement entertainment center that features a karaoke bar, indoor pool, sauna and gym, covered lounge and snack bar.
Wondering what it would cost you monthly to live in a palatial place like this? Even with low mortgage rates, currently at 3.986 percent for a 30-year-fixed in Washington state, if you put 20 percent down, you're looking at a payment of $128,341 a month.
View the full listing at Zillow here.