Eight-Figure Property Hits the Foreclosure Auction Block

clipped from blogs.wsj.com It’s rare to see an eight-figure property hit the foreclosure auction block, but it’s happening. In Australia, a 30,000 square-foot waterfront mansion will be for sale at a Dec. 1 receiver’s auction. Located on Hope Island, an affluent gated community in the Gold Coast, a resort area about 530 miles north of Sydney, the recently built sprawling estate with marina views is one of the largest homes and lots in the area, The house was listed for a few months at AU$25 million or about U.S.$23.5 million. The three-level home has multiple balconies and roof terraces, as well as seven bedroom suites, four bars, a movie theater, an elevator, a cigar room and gold-plated bathroom taps. A photo of the property from the Christie’s brochure The brochure cover shows a photograph of the home with a yacht parked in back. (Here’s the listing.) The auction will have a reserve price, Mr. Jacobs says. Furnishings are not included. Michael Vettoretto, of Knight Frank, is also handling the sale.