By Paul Kurtz
OCEAN CITY, N.J. (CBS) — A mansion at the South Jersey shore goes on the auction block on Saturday morning, and it could be sold for a fraction of its original cost.
The 7,000-square-foot Victorian-style mansion overlooking the bay originally was listed for $6½ million. But that was two years ago.
With no takers and a desperate eagerness to return to Pennsylvania, Edward and Barbara Idzik have decided to put their home up for “absolute” auction.
What does that mean?
“The property will sell to the highest bidder on auction day, regardless of price,” explains Michael Schwartz of Premiere Estates Auction Company. “We have a suggested starting bid at two million dollars. If there are no takers at that point, or no bidders, he will keep reducing the price until someone does bid.”
Schwartz says it’s possible the mansion could sell for less than two million. But that’s the price the Idziks, who made their fortune in direct marketing, have decided to pay for love of family.
“They’re a nice retired couple and their children and grandchildren live in Pennsylvania, and they want to be closer to their kids and grandkids,” Schwartz says.
The auction begins at 11:00am, on site.
For more information, go to the auction web site. And get your checkbook ready!
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