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$87 million California mansion hits the auction block

Images of the California mega-mansion along the Newport Coast once known as Villa del Lago depict the runaway extravagance that gripped the top end of the U.S. real estate market before the housing crash. The photos were shot on April 13, but were made available to msnbc.com today.

 

It has 17 bathrooms, a 17-car garage, marbled floors, gold leaf ceilings, a vineyard, horse stables, tennis courts and a lake - and occupies the largest parcel of residential real estate on southern California's exclusive Newport Coast.

This empty, never-sold, soon-to-be-auctioned mega-mansion, once valued at $87 million, could be sold for a quarter of that price at an auction next week.

Rob Giem, the agent in charge of selling the property, said dozens of potential buyers had registered bidders for the auction. Over 700 people attended a recent open house.

"I'm confident we'll sell it," Giem said. "A lot of people have been lurking in the shadows watching this property."

 

--Reuters

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