Categorized | Residential

Thirty-Two Million Dollar Home up for Auction

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In what is becoming quite common in today’s real estate market, a home once valued at over thirty million dollars is being put up for auction without a reserve price. The home is located in Winnetka, which is just outside of Chicago, Illinois.

The home, which was designed to emulate the appearance of a French chateau, has long been considered the most expensive home in the Chicago area to be listed for sale. In fact, it has been up for sale on real estate listing websites for over two years. However, the twenty-six-room home has had few interested buyers during the current real estate and economic climate. For that reason, the owners, Sherwin Jarol and Deborah Jarol have decided to opt for a guaranteed sale.

Because the property will be auctioned off without a reserve price, that means that whoever has the highest bid, regardless of its number, will purchase the auction. The process is risky for those in the luxury-home market. However, many luxury homes have sat on the market for years, as many families and investors are looking to downsize.

This French chateau isn’t the first multimillion-dollar home to go up for auction, as many sellers have opted for that route. One of the primary issues that has worked against the sale of the home is that it is not located in an area that is predominantly wealthy. While it actually is valued at forty million dollars, many analysts believe that it will sell for far less. However, the Jarols hope that they will be able to attract new potential buyers through the auction, and will thus, maximize the sale price.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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