A historical house built for Edgar J. Kaufmann by popular architect Richard Neutra at a cost of $295,.000 is now back at the auction market barely six months after it was won in a Christie’s Great Estates auction by an anonymous foreigner for $19 million. The 61-year old house is however back not with a vengeance but with a whimper as it is being sold at a cheaper price of only $12.98 million. The property is however estimated to be worth from $15 million to $25 million.
It seems that the modernist architectural style is no longer as popular today as it was before. Proof of this is the seeming disinterest of investors in the Palm Springs house which is estimated to occupy a 3,800 square foot of real estate built within 2.53 acres of land. The house, which has five bathrooms and five bedrooms, has been purchased by the present owner in 1993 for only $1.5 million.
If you want a historical house with amenities like a roof terrace, fireplace, an orchard, pool, outdoor dining area and a tennis court then this property would be a bargain. But with the real estate bubble already pricked, this property may have to stay longer in the auction market.