Carol Bird - Westside Estate Agency

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PR & Media

Courtesy of CNBC, Jane Wells

Courtesy of CNBC, Jane Wells

Morgan Brennan, Forbes Staff

Up For Auction: A Real-Life Sand Castle On 'Billionaire Beach'

Click for full photo gallery: Welcome To Malibu's Real-Life Sand Castle

When William J. Chadwick, a managing director of Chadwick Saylor & Co., a Malibu, Calif.-based real estate investment banking firm, put his Malibu mansion on the sale block in 2008 it caused quite a stir among real estate enthusiasts. The 10,500-square foot Carbon Beach estate was asking a hefty $65 million — and just as the economy was beginning to collapse. <<Full Story>>

Bloomberg

By Nadja Brandt -

Aug 30, 2011 6:14 AM PT

Wealthy Use Auctions to Sell U.S. Mansions After Price Cuts Fail

Aug. 30 (Bloomberg) -- Karl Case, professor emeritus of economics at Wellesley College and co-creator of the S&P/Case-Shiller index of U.S. property values, talks about the U.S. housing market and the outlook for government policy to boost home purchases and economic growth. Residential real estate prices in in the U.S. decreased in the year ended in June at a slower pace than in the prior month, according to the latest Case-Shiller report. Case speaks with Lisa Murphy and Matt Miller on Bloomberg Television's "Street Smart." (Source: Bloomberg)

An interior view of Bill Chadwick's mansion in Malibu, California. Photography: Tim Street-Porter/Carol Bird Westside Estate Agency via Bloomberg

<<Full Story>>

September 15, 2011|By Lauren Beale, Los Angeles Times

Even the wealthy are turning to auctions to sell their homes

The auction this weekend of a mansion on Billionaires' Beach is a rarity in Malibu but part of a growing trend in which the well-off use staged sales events to jump-start offers, perhaps even bidding wars.

This is what the housing downturn has come to: A custom-built mansion along an exclusive section of Carbon Beach in Malibu known as Billionaires' Beach will be sold at auction Sunday. The auction itself is a rarity along a stretch of sand named for the size of its residents' bank accounts. But the price is even more surprising; bidding for the half-acre property will start at $22 million, about a third of the original asking price three years ago. Tired of playing the waiting game, more wealthy owners are giving real estate auctions a try in hopes of a fast sale.

<<Full Story/Additional Pictures>>

CAROL BIRD
23410 Civic Center Way, #E-4A • Malibu, CA 90265
Carol Bird Direct Line 310-317-8212 • Carol @CarolBird.com
Office Fax 310-456-1176
DRE #01076073