Diamond Bar manse to be auctioned with no reserve in June

The 7K sf home was previously listed for $6.5M

Los Angeles /
May.May 11, 2019 12:00 PM
22119 Steeplechase Lane (Credit: Elite Auctions, iStock)

A newly remodeled mansion on the eastern edge of Los Angeles County is hitting the auction block with no reserve.

The 7,250-square-foot Mediterranean-style mansion sits in a gated community in the city of Diamond Bar and will go to the highest bidder at an auction on June 1, according to Mansion Global. It’s a no reserve auction, which means the seller isn’t setting a bottom-end threshold for bids In other words, it could sell at any price.

The seller Bill Etreby, the former CEO of a pharmaceutical software company, bought the home at 22119 Steeplechase Lane in 2005 for $2.7 million. He completed a $2 million renovation late last year and in December put the home on the market for almost $6.5 million.

Elite Auctions CEO Randy Haddaway, who is selling the home, said Etreby spends most of his time in Palm Beach, Florida, and doesn’t want to wait for a traditional sale.

No reserve auctions are attractive to some sellers because they essentially guarantee sales, but there are risks. In November, a sprawling home in Rolling Hills sold for $22.4 million at a no reserve auction — half its original asking price.

The three-story Diamond Bar house sits on 1.2 acres with six bedrooms. The master suite has a hot tub, fireplace, two balconies, and a large walk-in closet. There’s a 10-car garage and an elevator as well, and the grounds feature a saltwater pool, another hot tub, and a cabana and barbecue space. [Mansion Global] – Dennis Lynch


Related Articles

arrow_forward_ios
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri
Malibu spec mansion lists amid softening luxury market
Malibu spec mansion lists amid softening luxury market
Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)
Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)
SoCal housing market shows signs of life, with a caveat: report
SoCal housing market shows signs of life, with a caveat: report
Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)
Fully affordable complex set to rise in vacant Long Beach lot
Fully affordable complex set to rise in vacant Long Beach lot
Tracy Tutor and her Brentwood home
Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home
Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home
Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)
This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more
This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more
Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)
Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M
Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M
Andy Reid, the President of MetroStudy
The great SoCal slowdown: Homebuilding drops 18%
The great SoCal slowdown: Homebuilding drops 18%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...