Update: 3:40 PM – March 8, 2011
The Mansion sold for $1.4 Million, the lowest possible opening bid. GMC, a group of local investors, was the only bidder because one other bidder had withdrawn their offer.
Doug Vaughan’s Albuquerque Mansion is slated to be auctioned today, after being arrested last week. Vaughan is one of New Mexico’s most infamous Realtors who was recently indicted for his alleged involvement in a multi-million dollar Ponzi scheme. He was bonded out by his girlfriend and is said to be staying at her residence. The Mansion cost upwards of $3 Million to build and has been marketed for sale at $1.8 Million with no luck. At 9:00 AM when it hits the auction block, bidding will start at $1.4 Million in the hope to start a buzz. Less than two dozen people are scheduled to attend the auction. The home is 3 storeys and nearly 6,900 Sq. Ft. with four bedrooms and seven bathrooms. Somebody is sure to get a steal on this custom built home.
Price: Was $1,800,000, Bidding Starts at $1,400,000
Size: 6,872 Sq. Ft.
Speciality Items: Owned by Doug Vaughan (Bankrupt Realtor who was involved in a multi-million dollar Ponzi scheme), Bidding Starts at $1,400,000, Custom Built for $3,000,000, Swimming Pool, Two Hot Tubs, Las Vegas Inspired Games Room, Detailed Ceilings, Coffered Ceilings, Marble Columns, Wine Cellar, Gourmet Kitchen, Restaurant Grade Appliances, Lavish Master Suite, 4 Car Garage, Plastered Walls, 16×12 Cabana with Fireplace, Backs onto 3rd Fairway of Tanoan Golf Course, Grade Views of Mountains/City Views.
Address: 11708 Zinfandel Lane, Albuquerque, New Mexico, United States, 87111