A foreclosure auction for the super-rich

The bids rise in $100,000 increments at this seven-bedroom, 11-bathroom Tarzana estate.
LA TIMES 1.2.10
By Lauren Beale
The bargain hunters jockey gingerly for a spot to park their luxury sedans and SUVs along Brewster Drive, a winding road in the hills of Tarzana.

It's a woodsy neighborhood of large homes behind wrought-iron gates, and more than two dozen shoppers are here to bid for a piece of it.

Housing auctions are plentiful these days, including builders' closeouts that lure hundreds of bidders to hotel ballrooms and public sales of foreclosures on the courthouse steps. But this time the steel-nerved speed-talkers at Kennedy Wilson Auction Group are unloading a palatial 13,500-square-foot bank-owned spec home that had been listed for $9.775 million just a year earlier. Full Story here and its a good read.