Mega-mansions suffer massive price cuts at real estate auctions - CNBC

An auction can act as a metaphorical real-estate guillotine, slicing inflated asking prices in half or worse, according to a CNBC review of recent sales.

An aerial view of the grounds of Villa Firenze in Beverly Hills, California. When high-priced mega mansions for sale languish on the market sprawling, flashy and unable to attract a buyer some owner… [+14712 chars]

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