Unreal Estate: $21M Mansions on the Block

While many toil to sell tattered baseball cards and grandma's dusty cameos on eBay(EBAY Quote), owners of luxury estates are putting a high-end spin on the world of auctions.

A drop in demand for multimillion-dollar homes has forced sellers to consider the undesirable choice of sitting on their properties while they wait for a market rebound, or selling at a discount. Instead, more mini-palace owners are taking their chances on the auction block.

On July 25, four properties near Jacksonville, Fla., will be put up for auction, including an estate in Ponte Vedra Beach previously offered at $5.9 million.

Chris Longly, deputy executive director of the National Auctioneers Association, says auctions can help highlight intangible qualities that should be factored into a home's value.

"Perhaps a celebrity lived in it," he says. "What's the value of that? What is someone willing to pay? Or you have this priceless view from a mountain top. We are going to be able to tell you in about six minutes how much that property is worth."

These days, most people associate auctions with foreclosed homes. But these upcoming sales are a far cry from the distressed properties that usually get the treatment.

J. P. King Auction Co., the nation's oldest real estate auction house, will soon take bids on Eagle Landing Estate, a 15-acre lakefront property in Hickory, N.C., that was originally listed for more than $4 million. Another significant property -- one that might inspire you to stock up on Nike(NKE Quote) polo shirts and Callaway Golf(ELY Quote) clubs -- is North Augusta Golf and Country Club, a golf course located minutes from Georgia's Augusta National.

Concierge Auctions, with offices in Florida, formed 2 1/2 years ago to take advantage of the growing trend of moving mansions.