The winning bidder for a 12,000-square-foot stone mansion sold through a three-day auction got a deal: $4.375 million.
The listing price for the upscale six-bedroom, 11-bathroom home in Scottsdale's Estancia golf community had been $6.99 million.
No information on the buyer or other bidders is available. All made offers on the mansion using assigned numbers.
Russ Lyon Sotheby’s International Realty and Concierge Auctions held the live event.
The groups said the home would be sold with "no reserve," meaning it would sell no matter how low the price.
Bidding started at 4 p.m. Friday, and went a bit over time, ending at about 5:15 p.m. Monday.
Bidders had to be pre-qualified and show they had the money to purchase the mansion before they could bid.
“Auctions can successfully sell the finer tangibles in life,” said Frank Aazami, founder of the private client group at Russ Lyon. “Our objective is to strike a conversation, motivate people who have been sitting on the fence and get their property sold in the process.”
The Scottsdale home has been owned by Mark and Melissa Matson, who paid $6.5 million for it in 2014, according to public real estate records.