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 ( MSFT) co-founder Paul Allen, DreamWorks Animation ( DWA) CEO Jeffrey Katzenberg and Oracle ( 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.
"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. 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. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to @miriamsmarket. >To submit a news tip, send an email to: firstname.lastname@example.org.
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