Mercer Island Estate Fails to Sell at Auction
Mercer Island’s Boulevard Estate failed to sell at auction this past Tuesday despite dropping nearly half the original asking price. J.P King Co., who flew out from Gadsden, AL was hired to handle the auction with auctioneer Lanny Thomas at the podium. Approximately 40 people showed up for the auction including hosts, real estate brokers, and potential buyers. J.P King said four registered bidders had handed over $100,000 personal cheques before they arrived. One potential buyer arrived in a black Lamborghini which was parked near the six car garage. The live auction lasted about 20 minutes in the living room of the newly built Mercer Island estate.
Bidding started at $30 million and was slowly lowered before stopping at $15.5 million, which was the seller’s minimum price. The mansion is owned by David and Becky Sandwith who purchased the waterfront property in 2004 and reportedly put $30 million of their own money into the home. Even though the home didn’t sell during auction, J.P King is continuing to negotiate with some interested buyers which could lead to a sale. The home is approximately 14,000 square feet and includes 7 bedrooms, 12 bathrooms and offers 165 feet of low bank waterfront. There is also a three level limestone terrace, fresh water yacht moorage, covered boat house and a resort styled pool with large television.