A mansion in McKinney, Texas, listed at $4.5 million, is set to go to auction after spending over a year on the market. The property, located at 2115 Paradise Ranch Trail, features four bedrooms and six bathrooms on a 10-acre lot. It includes a 6,200-square-foot showroom attached to the main 12,500-square-foot home and an equestrian barn with space for four horses. The current owners are known for their involvement in classic car restoration clubs.
Originally listed for $5.9 million in July of last year, the sellers have reduced the price several times but have not found a buyer. The mansion remains one of the most expensive homes currently available in McKinney, which is about 30 miles north of Dallas.
The listing agents are Holly and Andi Haven of Real Broker. Elite Auctions, based in Florida, will conduct the auction—its first ever in McKinney—on site at 11 a.m. on November 7.
Auctions are increasingly being used by sellers who have not been successful with traditional sales methods. Randy Haddaway, CEO of Elite Auctions, noted that his company has seen three times as many properties considered for auction this year compared to previous years. He attributed this trend to changes in the luxury housing market: “There’s a lot of inventory that needs to be cleaned up around the country,” Haddaway said.
National real estate data from Redfin shows that luxury homeowners across the United States are withdrawing listings amid softer demand. Texas markets have also slowed down; Austin has had one of the highest ratios of sellers to buyers recently, especially for luxury condos. In Houston and Dallas, relistings now make up a large portion of ultra-luxury home inventory.
A recent local example was an auction for a Southlake mansion at 1469 Sunshine Lane. Although it was previously listed at $27.5 million, it sold at auction for $14.22 million—below its anticipated starting bid.
