Textbook example of how to run an auction – hit ’em fast and furious in the beginning to get bidders to jump, and hope for the best. It worked beautifully too, because I’m not sure there was more than one bidder. P.S. Carson Palmer was the buyer – he built a big bomber on the lot, and then got the last laugh when he sold it for $18,000,000 in 2018:
P.S. The buyer paid the 10% commission – purchase price was $4,400,000.
I wonder if Carson ever wanted to live in the house. The house was listed soon after being built. Original list price was $24 million. I would estimate that the total cost was $10 million. The house took several years to sell. If you account for carrying costs, the net profit was probably in the $5 million range. Still a nice profit, but I am not sure it was all worth it for someone of Carson’s wealth.