Photos: $12.5 million Scottsdale home to be sold at auction

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by Carey Pena

azfamily.com

Posted on January 30, 2012 at 5:58 PM

Updated Saturday, Feb 4 at 11:05 AM

SCOTTSDALE, Ariz -- It’s not every day you take a tour of a $12 million home. At least that’s what it was worth 10 years ago.

It’s not clear how much this home is worth today. Since it would be tough to come up with comparison prices, the owner has chosen to put it up for for sale at auction.

"The property will be sold regardless of the price of the winning bidder,” said Nate Schar from Grand Estates Auction Company."

"There’s no minimum. No reserve. So, whatever the high is on Feb. 7, that’s what it is going to sell for.”

Schar, who gave 3TV the grand tour, said more people looking to sell high-end properties are turning to absolute auctions.

"This is becoming more popular for unique properties like this,” Schar said, “because there’s not a lot to compare it to; to base the value on.”

"Granted the seller spent $12 million,” he continued. “But that doesn’t mean that’s what it is worth today.”

The 15,000-square-foot home comes complete with a riding train for cruising around the property and an observatory – with retractable roof.

The property also has a zip line for traversing the backyard, a 4,700-square-foot gymnasium and an eight-car garage.

In all there are eight bedrooms and 12 bathrooms. The desert contemporary house sits on 16 acres on North Pima Road in Scottsdale.

For a while there was a rumor that John Travolta lived at the house. We asked Schar about that. 

He smiled and said, “Yes – we heard that, too.”

The rumor is just that – a rumor.

The home really belongs to the former president of University of Phoenix. He’s reportedly moving because his kids are growing up and they no longer need the train, zip line and full size basketball court.

The home goes up for auction Feb. 7.

For more information, you can visit GrandEstatesAuction.com.

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