The glut of hyperpriced mansions and luxury properties sitting on the market across the country has led sellers to turn to an unlikely solution: auctions.
Real estate auctions, once used for foreclosures and distressed sellers, is moving upmarket. The number of multimillion-dollar homes being sold at auction has nearly doubled in the past year, according to real estate analysts and auction companies.
The most expensive home ever offered at auction came back on the block this week. The property, called Playa Vista Isle, in Hillsboro Beach, Florida, went on the market in 2014 for $139 million, making it the most expensive home listed in the country at the time. It was later listed for $159 million, then pulled from the market in 2016.