From the LA Times: The auction this weekend of a mansion on Billionaires' Beach is a rarity in Malibu but part of a growing trend in which the well-off use staged sales events to jump-start offers, perhaps even bidding wars. This is what the housing downturn has come to: A custom-built mansion along an exclusive section of Carbon Beach in Malibu known as Billionaires' Beach will be sold at auction Sunday.
The auction itself is a rarity along a stretch of sand named for the size of its residents' bank accounts. But the price is even more surprising; bidding for the half-acre property will start at $22 million, about a third of the original asking price three years ago.
Tired of playing the waiting game, more wealthy owners are giving real estate auctions a try in hopes of a fast sale. These are not foreclosure auctions on the courthouse steps or hotel ballroom events in which investors vie for bank-owned bargains, which have become common during the market's seemingly endless malaise. Instead, the well-off are turning to auctions to jump-start offers, perhaps even bidding wars, in a style to which they've become accustomed…..
Read all about it at http://www.latimes.com/business/la-fi-luxury-auction-20110915,0,6140883.story
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