Even the 1% Are Selling Their Mansions At Auctions
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."