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Strange New Trend: Luxury Home Auctions

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If you stand to lose a lot on your high-end home sale anyway, why not try auctioning it? That's the gist of a new trend toward luxury home auctions in the U.S., reports the Wall Street Journal. Once the preserve of the desperate and the foreclosed, it's beginning to happen more by choice. We've witnessed recent examples in the Chicago area (not always successful), like the recent failed Le Grand Reve auction in Winnetka and an equestrian estate in Elburn auctioned off last year. So gather your nickels and dimes, this market quirk may not last long. [WSJ]