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
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