A mansion in Newport Beach that was once listed at $87 million could sell for a quarter of that price at an auction next week.
Located at 1 Pelican Hill Road, the estate once known as Villa del Lago, will be auctioned on Thursday, April 26 at through Auction.com. Interested parties can also bid online on the day of the auction.
Robert Friedman, Auction.com’s chairman, said the sale of the mansion -- now listed at $37 million-- is a bankruptcy court mandated auction with the opening bid being established on the auction day.
“When you also consider that the home must be sold, and there is no opening bid, this is a once-in-a-lifetime opportunity for bidders,” Friedman said in a released statment. “The vast size of the property and the elegance of the improvements are attributes that are rarely found in the luxury market, especially in Southern California.”
The mega-mansion is described as an Italianate villa and boasts a 16,600-square-foot main residence with seven bedrooms and 13 bathrooms, a 17-car garage, private lake, tennis court, wine cave, horse stable, one bedroom gate house and more luxurious amenities.
More than 700 people attended an open house in March. Another open house is scheduled for Sunday, April 22 from noon to 4 p.m. Interested bidders must pre-register for the auction at www.auction.com/luxury.