A “reserve price” spoils another auction – from latimes.com:
Although the bidding started at the minimum $22 million opening price, it stalled there short of the “reserve price,” the undisclosed value at which the owners are willing to let the property go. The sellers, William and Cheryl Chadwick, rejected the bid.
Now Westside Estate Agency listing agent Carol Bird and Premiere Estates Auction Co. are working on securing written offers from the four bidders and an international buyer who was unable to attend the event and will view the property this week.
The beachfront home was listed at $65 million when it first came on the market in 2008. The 10,500-square-foot house, built in 2005, has 150 feet of beach frontage.