While the luxury home market is weathering the housing slump better than others, many mega-mansions -- the sort that are priced at $10 million and up -- still struggle to discover their true market value. Listed at staggering prices to begin with and perhaps owned by peripatetic captains of industry with shifting fortunes, the combination can lead to mind-boggling price cuts.
We've scoured our listings of luxury properties for some dramatic examples of this phenomenon. Click through our gallery below to view some of the most tantalizing ones:
High-End Homes at Lowered Prices
Mega-Mansions at Huge Discounts
Location: Snowmass Village, Colo.
Price: $29.5 million
Sq. Ft.: 12,836
Commanding 200 acres of Colorado countryside, this regal hilltop mansion swallowed some of its pride recently by offering a whopping $6.5 million price cut.
This Italian villa, built in 1924, is available for the first time in 30 years -- and for $9.5 million less than its original ask. The 7.39 acre estate offers coastal and valley panoramas. Features include a pool, guesthouse, tennis court, Japanese garden and three gated entrances.
Exposed beams and glass doors, leading to a porch with coastal views, add luster to this ornate interior.
Location: Corona Del Mar, Calif.
Price: $17.995 million
Sq. Ft.: 7,251
This soft contemporary presides majestically over coastal cliffs. Walls of glass give the panoramas full advantage while three stories of outdoor living go even further to celebrate the residence's stunning location. But as exceptional as this property is, the owner may have asked a little too much at first -- or more than just a little: The home is $10 million cheaper than originally listed.
Location: Kihei, Hawaii
Price: $17 million
Sq. Ft.: 2,337
The fact that $17 million brings you just two bedrooms in the case of this stunner speaks to how expensive Hawaii beachfront really is. And just think: Before the home's $5 million price cut, two bedrooms here cost significantly more.
Location: Paradise Valley, Ariz.
Price: $15.995 million
Sq. Ft.: 17,015
Counting the residence's guesthouses, this property offers 35,000 square feet of covered space. Throw in the 21-car garages, and you've got to wonder: Was the original owner playing sultan? If so, the act's up -- this home has been foreclosed on. Recently, its handler cut the price by $2 million.
The home boasts high-tech security and sound equipment along with a 13-seat mahogany theater, solar-heated pool and solar-electric generator. There are also two swimming pools, including the one pictured at left.