Even the 1% Are Selling Their Mansions At Auctions

After languishing on the market for years and steadily getting price-chopped, mansions and estates are hitting the auction block. Candace Jackson explains this has always been a last-resort move, and an unusual one for the wealthy.

Brittany Spears' former home? Listed at $10.8 million, went to auction with a starting bid of $4.5 million.

"As the housing slump drags on, the carrying costs of waiting out the market have become onerous, even for the wealthiest," Candace Jackson explains in the Wall St. Journal:

"A seller who put a home on the market in 2009 hoping that a turnaround was on the horizon may now be realizing that it could take several years or more for the market to rebound."

Full Story: High-End Hits the Auction Block

Comments

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
Book cover of Unsprawl

Unsprawl: Remixing Spaces as Places

Explore visionary, controversial and ultimately successful strategies for building people-centered places.
Starting at $12.95
Women's t-shirt with map of Los Angeles

City T-Shirts for the ladies!

Women's Supersoft CityFabric© Fashion Fit Tees. Now available in six different cities.
$24.00