Tenn. Castle Listed at $28.5 Million Will Go to Highest Bidder

The Crantzdorf Castle -- modeled after a palace in Spain that once housed the royal family -- will be auctioned to the highest bidder regardless of price on June 16. The castle, which includes a private race-car track, is located in the East Tennessee foothills and was originally listed for sale at $28.5 million. More recently the price was lowered to $19.5 million.

So what's up with that? Will the owners really take the highest bid, no matter what?

Yes they will, says Laura Brady, vice president of marketing for Concierge Auctions, the company handling this sale.