Opulent N.J. Manse Takes Bids: Unreal Estate

FAR HILLS, N.J. (TheStreet) -- The Froh Heim Mansion in New Jersey gets its name from the German phrase for "happy home." But there has been little in the way of happiness brought by a rough real estate market that has forced the luxurious estate to be auctioned off this month.

Concierge Auctions, along with Prominent Properties Sotheby's International Realty(BID Quote), will conduct the auction. There's no reserve or minimum bid, meaning the final sale price could be anywhere from $1 to $10 million or more. Potential buyers will be required to submit financial information and bring a $100,000 cashier's check to take part.

Froh Heim was originally the home of Evander B. Schley, a mining industrialist who built his dream house in Far Hills, N.J. The town got its name after Schley's wife noted her beautiful view of the "far hills" from the property.

Architect F. Burrall Hoffman Jr. made some changes to the property in the 1930s. In 2007, New Jersey-based Heritage Premiere Properties bought the site, spending $1 million on renovations prior to putting it on the market.

After cutting the property's asking price from $8.9 million to $5.5 million and failing to attract any takers, the firm chose to go the auction route to recoup its investment. The bidding will begin at 11 a.m. EDT on Saturday, Sept. 26, at the mansion.

The main building, situated on 11 acres, has a stone and stucco exterior with Mediterranean-style architecture. It has 16 rooms, including seven bedrooms, eight and a half baths, an upgraded kitchen and eight fireplaces.