Developer Larry Igarashi is kicking himself… and so is the bank that backed him. About two years ago Igarashi began building a 16,500-square-foot house that he anticipated getting $10 million for. However, construction completed this year and lo-and-behold, there are no takers, or even offers. The house has a 4,000-square-foot climate-controlled garage and an impressive 1,400 bottle wine storage, and is being auctioned this Saturday for $5.99 million.
Also up at the auction is a second Coto de Caza house Igarashi built. Listed for $5.75 it has been vacant on the market for two years now. Although the 10,500 square-foot residence had a few offers, Igarashi held out for more and now, obviously, regrets that decision. This home’s opening bid is set at $2.799 million.
Whether it was Igarashi’s decision or the lender’s to auction off the multimillion-dollar homes is not clear, nor does it matter. Many builders of the brand new beautiful mansions that have not sold are deciding to auction them off—or at least attempt to. This past December and auction was held for five Manhattan beach houses priced over $1 million and not a single one sold. Hopefully for Igarashi’s sake—and his banks—the Coto de Caza homes will.
Via: LA Times