NEW YORK (

TheStreet

) -- A mansion in California's high-priced beachfront city of Malibu is set to be the most expensive U.S. home ever to be sold at auction.

The 10,500-square foot home was originally put up for sale in 2008 at a price tag of $65 million -- an asking price later reduced to $35 million.

>> $150 Million Spelling Mansion Sold

Unable to find a bidder, realtor Carol Bird of

Westside Estate Agency

set an auction for Sept. 18 in hopes of finding someone to buy the expansive home on Carbon Beach -- a stretch of sand known colloquially as "Billionaire's Beach."

The bidding will begin at $22 million. If sold, the sale will represent the highest-priced residence ever to be sold at auction in the U.S.

Bird conceded the real estate market -- even in Malibu, which is home to many celebrities and billionaires such as Tom Hanks, Barbra Streisand, Sting,

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co-founder Paul Allen,

DreamWorks Animation

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CEO Jeffrey Katzenberg and

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CEO Larry Ellison -- is "sluggish," in an interview on

CNBC

.

The mansion at 21804 Pacific Coast Highway up for auction next week is not under foreclosure and is not considered a distressed property, but auctioning a home could prove the fastest way to make such a large sale.

Click Here for a Virtual Tour of the $65 Million Malibu Mansion

"The seller is just motivated to sell because he wants it sold by a certain date and the property has been on the market for an extended amount of time," Tony Fitzgerald, a broker with

Premiere Estates Auction

, told

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Forbes

.

The home boasts six bedrooms, nine and a half bathrooms, a master suite with dual baths and two dressing rooms, a 90-foot great room, an oceanfront gym, indoor and outdoor kitchens, a home theater room that reportedly cost $1.5 million to build and a library outfitted with a saltwater aquarium. The 4,500-square foot outdoor patio, which looks out over the Pacific Ocean with 180-degree views, has an outdoor kitchen and 75-foot, two-lane lap pool. The home has 150 feet of direct oceanfront footage, plus an additional 40 feet of unobstructed beach.

If the property auction is successful, it would sell at a hefty discount to the original asking price of $65 million.

In July, the most expensive home in the U.S. sold, also at a bargain rate.

The $150 million mansion was sold by Candy Spelling, wife of the late TV producer Aaron Spelling, to 22-year-old Petra Ecclestone, daughter of British self-made billionaire and racing boss Bernie Ecclestone

.

The Formula One racing fortune heiress picked up the 57,000-square foot Los Angeles mansion for a song at $85 million.

-- Written by Miriam Marcus Reimer in New York.

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