Local

NC mansion sells for less than half the asking price at auction

NORTH CAROLINA — The saltwater swimming pool and 9,000-square-foot interior of a Cisco executive’s Chapel Hill mansion weren’t enough to convince bidders to pay anywhere close to the home’s initial listing price at an auction last month.

When the gavel fell, the highest bid for the ornate home of Ed and Barbara Paradise was $1.456 million. Before the auction, the home was listed on the market for $3.15 million.

“Good grief,” Hodge & Kittrell Sotheby’s International Realty Gilliam Kittrell said when he learned of the final sales price. “That’s certainly a bargain for whoever bought it.”

Kittrell had previously worked with the couple to sell the home and says the low sales price could be due to a small pool of buyers.

Those working in the luxury market have said that older high-end homes have had trouble selling, compared to new luxury homes. “A lot of buyers that are looking in this price range sometimes choose to build a new home, if they have the time to do that,” says Mollie Owen, also of Hodge & Kittrell Sotheby’s International Realty. “Sometimes that makes the luxury resale a little bit more difficult.”

Read more and see photos inside the home here. 

Read more top trending stories on wsoctv.com: