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.

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, Microsoft (Stock Quote: MSFT) co-founder Paul Allen, DreamWorks Animation (Stock Quote: DWA) CEO Jeffrey Katzenberg and Oracle (Stock Quote: ORCL) 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.

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"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 Forbes.

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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.