No buyers for malibu mansion

The U.S. housing market has suffered historically low sales and falling prices, and the pain is even being felt in the luxury home market. A mansion located on a stretch of beach in Malibu, California, went on the market in 2008 at an asking price of $65 million and now, after nearly four years without a buyer, the owner is selling the property at auction with a minimum bid of $22 million. The 65% price reduction will hopefully draw some attention to the 10,500 home, which boasts a $1.5 million home theater, the largest lap pool in Malibu and its very own tequila tasting room. For more on this continue reading the following article from The Street.

So you bought a house a few years ago, and now you want to move. You're not behind in your mortgage payments, not underwater, this isn't a distress sale, you just want to sell, like people used to do back in 2007.

Good luck.

Even if your house is a castle sitting on its own 150-foot long stretch of Malibu beach, you may have a hard time getting many nibbles.

Next month, the most expensive home ever to be auctioned in the U.S. is going on the block in California, with a minimum bid of $22 million.

Source: NUWireInvestor.com