Hagadone Estate Fails to Sell at Auction
At 2:00 pm auction company J.P. King opened the auction of Duane Hagadone’s secondary home in Coure d’Alene, ID. The auction lasted 20 minutes and came to an end. Two registered bidders were initially interested but neither came up to the reserve price of $7.5 million. The estate was originally listed at $27.5 million and sits on 15.25 acres of meticulously landscaped grounds. Other features include an indoor & outdoor tennis court, indoor & outdoor swimming pools, a bowling alley and 10 fireplaces. A spokesperson for the auction house reportedly said one person made an offer, but Hagadone declined.
Question: Why didn’t anyone make an acceptable offer for Duane Hagadone’s extremely discounted estate?