Arizona Mansion Auction – Was $22 Million!

Arizona Mansion Auction – Was $22 Million!

Arizona Mansion Auction - Was $22 Million!

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This offering will make the hearts race for those hoping to find a remaining great deal in a housing market that seems to be getting better every day. Now that high end properties are being put on the market at even higher prices than before 2006 and selling like hotcakes in some parts of the United States, the really good deals of a year ago are quickly evaporating.

This mind-boggling contemporary Tucson home is a true opportunity. As reported in The Wall Street Journal, the home was first listed in 2007 with a $22 million asking price. In 2011, the price was lowered to $15.9 million and, in 2012, it was reduced to $12.95 million. It is now up for auction and on May 14th sealed bids will be opened with the minimum bid starting at $8.4 million.

According to the developer-owners, Cary Marmis and his wife Fern, they gathered the 20 acres from multiple purchases in the late 1980s. After that, they spent in excess of two years designing the house. It took them over seven years to build in order to achieve the level of perfection they wanted. The owners took time to find and have crafted the exceptional materials that went into the construction such as a wall of old growth Douglas fir and another of Honduran mahogany that took a cabinet maker two years to build. There is also a 45-foot wall of Coconino sandstone. Owner Marmis said that the opening bid price is about one-sixth of the replacement price.

On a cliff overlooking the Tucson Valley, the 25,000 square foot home sits on 20 acres filled with wildflowers, which can be divided into buildable lots of approximately 3.3 acres each and can be bid on separately. The house consists of seven bedrooms, 11 bathrooms, two elevators, a 2,200 bottle wine cellar, a library and movie theatre along with beautiful valley views.

Tucson home on 20 acres originally priced at $22 million. 25,000sf, 7br, 11ba, 2,200-bottle wine cellar. Minimum bid of $8.4 million. Sealed bid auction ends May14th.

Source: campbellcliffs.sheldongood.com