Two years ago, a 10,000-square-foot home overlooking 150 feet of coastline in celebrity-saturated Malibu, Calif., entered the top end of the market there at $65 million.
But as with many luxury homes recently, a lack of interest eroded the confidence behind that price. And before long the home was being listed for $35 million.
But that still wasn't low enough to bring a commitment from buyers. So the seller, a mega-wealthy businessman, recently adopted an approach that has traditionally been reserved mostly for foreclosures: He's selling the house at auction.
The opening bid is $22 million.