August 6, 2011 in City, Region
Hagadone auctioning home in Coeur d’Alene
Starting bid for Stanley Hill estate is $7.5 million
Duane Hagadone’s former Coeur d’Alene home on the hill will be sold at auction next month, if someone is ready to pay $7.5 million or more.
That’s the starting price listed by J.P. King, a high-end auction house that calls the Sept. 8 auction “an opportunity of a lifetime.”
Built more than a dozen years ago, the 15,000-square-foot home seems almost modest compared to some other mega-million-dollar estates that have popped up in North Idaho.
This house, perched on 15 gated acres on Stanley Hill, features three bedrooms, 10 fireplaces and nine baths (plus a nine-car garage to match).
Its “sporting” amenities are what take it to another level: A par-3 golf hole. A bowling lane. Indoor and outdoor swimming pools. A vast wine room. An indoor tennis court. An outdoor tennis court.
Hagadone did not return a call to explain why he’s auctioning the house. Since 2008 he has spent his summers building and then living in a 22,000-square-foot lakefront home on Casco Bay.
The rest of the year Hagadone, who owns newspapers, real estate, the Coeur d’Alene Resort and other businesses, lives in a $30 million home in Palm Desert, Calif.
In 2009 he listed the Stanley Hill property for $27.5 million. In 2010 it was reduced to $17.5 million – at that price still the priciest residential property in the region.
Christy Oetken, a broker for Windermere/Coeur d’Alene Property, said the timing makes sense. “It’s the best time of the year to sell it,” she said. “It’s sunny, you get great views. This is the time of year we look best.”
She’s hopeful the property sells. Like other brokers watching the high-end market in the region, Oetken said it’s been a while since a house has sold for more than $4 million. In 2009 a Coeur d’Alene lakefront home sold for $6.7 million. It’s been dry since, due to the economy, she said.
Craig King, president and CEO of J.P. King, said he doesn’t know how many serious bidders the auction will draw. To register, a person has to submit a $100,000 certified check.
King said the starting point of $7.5 million tells people it’s a solid value. But it’s also low enough to attract bargain hunters, he added.
The auction will be helped by Hagadone’s reputation for owning splendid, expensively built, comfortable properties. “And North Idaho is still a location that attracts celebrities and people of high net worth,” he said.
Certainly, the line of buyers will be smaller than it would be if the economy were stronger, King conceded.
“We expect to see at least six to 12 registered buyers (for the auction). Even with the economy, we’re seeing there’s money out there. For those who have the money, this will really be an opportunity of a lifetime.”