September 9, 2011 in Business

Bid for Hagadone estate falls short

By The Spokesman-Review
 

Coeur d’Alene businessman Duane Hagadone is still looking for a buyer for his former home after a 20-minute auction Thursday failed to produce a winning bid.

J.P. King Auction Co. began the bidding at 2 p.m., with two registered bidders looking at the 15,000-square-foot home and its 15 acres of land on Stanley Hill in Coeur d’Alene.

One of the two submitted a bid, but the offer fell below the $7.5 million reserve price. Hagadone had the choice of accepting that bid but didn’t do so, said Caley Newberry, communications manager for J.P. King.

She did not disclose the value of the bid. The bidders were residents of Washington and Arizona, she said.

Several years ago the same property was listed for more than $27 million. It has nine bathrooms, 10 fireplaces and three bedrooms. It also offers indoor and outdoor tennis courts and a par-3 golf hole.

After moving into the Stanley Hill home several years ago, Hagadone subsequently built a larger lakefront residence on Lake Coeur d’Alene’s Casco Bay. He also spends part of each year in another opulent home in Palm Desert, Calif.

J.P. King will get a 10 percent premium, added to any purchase offer Hagadone accepts.

The company is also working with both of Thursday’s bidders to review their concerns and look for a possible deal the seller would accept, said Newberry.

In addition, J.P. King has identified several other potential buyers who didn’t choose to bid but who might make an offer for the property, Newberry said.

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