They don’t call it “no reserve” for nothing.
A sprawling and opulent Rolling Mills estate has sold at a no-reserve auction for $22.4 million — less than half its original asking price, according to the Los Angeles Times.
Hacienda De La Paz, which spans 51,000 square feet on 7.4 acres, was built over 17 years by John Blazevich, the CEO of Viva Food Group.
The home is unique among many high-priced pads in Los Angeles for its subterranean design. The mansion was built with five stories underground to comply with local ordinances that allow homes to have only one floor above grade.
Blazevich first listed the estate in 2013 for $53 million before lowering its asking price to $40 million and putting it up for auction.
He told Bloomberg earlier this year that the location on the Palos Verdes Peninsula could be turning buyers away, since it’s so far from other tony neighborhoods like Beverly Hills and Bel Air.
With no takers at $40 million, Blazevich chose to auction the property. In a no-reserve auction, the seller does not set a minimum bid that a property must reach in order to sell. It is riskier than an auction with a reserve, but it can attract more buyers hoping to pick up a property for well below asking price.
Blazevich said he had “no budget” when building out the estate. There are nine bedrooms and 25 bathrooms, along with two tennis courts, including one “styled as a ballroom,” and a 10,000-square-foot underground Turkish bath built in Northern Africa, disassembled, and rebuilt in Rolling Hills.
The grounds are mostly landscaped gardens. There are olive trees planted near a guest house and carob trees planted along the winding driveway. There is also a six-car garage, horse stables, and connection to equestrian trails, according to the Times. [LAT] – Dennis Lynch