A 16,500-square-foot home on Palma Valley received a high-bid of almost $7 million at auction on Saturday, said the co-owner of the auction company.

Todd Wohl, co-owner and auctioneer for Premiere Estates Auction Company, said the high bid was $6.7 million for the eight bedroom, 12 bathroom home that sits on 2.45 acres.

“It’s a monster home,” Wohl said. “The finishes and the materials for the finishes are all high end.”

Wohl said more than 200 people went through the homes during the seven-week marketing period. The home, which was competed in 2008, was originally on the market for $10 million.

The home also features a casino, an infinity-edge pool facing the Coto valley and separate living quarters.

“You could have your in-laws living there and you’d never know they were there,” Wohl said. “You could use you cell phone to talk to each other.”

House auctions have become commonplace in Orange County.

Luxury homeowners who were seeking to liquidate their assets in a day began selling selling homes at auction about three years ago, but home auctions are less common behind the gates of Coto de Caza, luxury homebuilder Larry Igarashi said.

Previously … Bids open on Coto villa at $4.5 million discount!

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House auctions have become commonplace in Orange County in this day of foreclosure sales and desperate sellers. Luxury homeowners got into the act at least three years ago, seeking to liquidate their assets in a day.

But such things are less common behind the gates of Coto de Caza, says luxury homebuilder Larry Igarashi. Until now.

Igarashi’s 16,505-square-foot spec home on Palma Valley goes on the block at 1 p.m. Saturday, with the minimum bid set at $5.99 million. That’s nearly $4.5 million below the home’s original list price when it went on the market in May. (For video, CLICK HERE! For large picture, click on the images!)

After four months, the sprawling mansion remains unsold. Igarashi — who formerly designed titanium golf clubs and produced golf tournaments — is hoping that an auction will be the ticket for getting the house sold — and perhaps even eking a profit out of the deal.

He says he will lose his shirt on a second Coto house he’ll auction off at 11 a.m. Saturday (see details HERE!). He has invested easily $3 million to $4 million in the 10,548-square-foot manor on Via Colinas. He originally listed it for $5.75 million. Minimum opening bid on Saturday: $2.79 million.

“I’m the first one doing this is Coto de Caza, so people are very, very curious to see how it does,” Igarashi said. ” … I may lose money.”

Igarashi’s two sales are among four auctions of high-end homes now scheduled in Orange County.

• Homeowner Ed Collins’ six-acre Coto estate on Secoya Way property will be auctioned off on Oct. 18.
• And a Newport Beach online auction firm is selling a $7 million home in the Harbor Ridge gated community with an Oct. 20 bidding deadline.

Igarashi declined to say how much he has invested in the home the Palma Valley home, but conceded that he paid $1.5 million for the steep 2.45-acre lot. The home has eight bedrooms, 12 bathrooms, a casino, theater room, wine cellar, dance floor, office suites, a 10-car garage and an infinity-edge pool.

To bid on it, you need to bring a cashier’s check for $100,000 with you to the auction. Buyers can preview the home at 4 Palma Valley from 1 to 4 p.m. Friday.

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