Mortgages

Mega-Mansion Is Set to Be Auctioned… & There’s No Reserve

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If you’re in the market for a mansion and looking for a bargain, there’s a property in Colorado you’ll want to check out. An estate previously listed for $22 million is set for a no-reserve auction Sept. 27, meaning the property will sell, regardless of the price.

The property, called Serenity Ridge, is a little more than 20 miles southeast of Denver in Parker, Colo., and is the largest private residence in the U.S. to be sold at a no-reserve auction. And large it is: There are 11 en-suite bedrooms, two connecting apartments, four kitchens and a master wing (yes, wing, not bedroom) with its own library, kitchenette and conference room.

It’s the kind of mansion fit for outdoorsy types: This massive home sits on 70 acres of land with mountain views, multiple patios and two ponds (which are described as fishing ponds — swimmers can head to the indoor pool with a locker room, steam room and sauna). You don’t really have to leave the place if you’re looking for entertainment: There’s a movie theater, bowling alley, billiards room, arcade room, performance stage and bar.

Don’t worry about filling the 50,000 square feet of living space, either. Serenity Ridge comes fully furnished, which takes a huge chunk out of those new-homeowner expenses. The garage, however, does not come with the 12 or so vehicles it can store. You have to bring your own.

You may be able to get this estate (which one of the listing brokers describes as “intimate”) on the cheap, but you won’t get a discount on all the other costs that come with buying a house: Utilities for Serenity Ridge will likely take a huge bite out of the monthly budget, and don’t forget about property taxes, either. It’s easy to overlook those details when buying a home, whether it’s a two-bedroom in the suburbs or a secluded, luxurious mansion. Make sure you know what you’re getting into, because inability to pay your mortgage and associated costs can destroy your finances for years.

More on Mortgages and Homebuying:

Image: Kristopher Lewis, via Supreme Auctions

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