Hawaii Mansion Listed at $26.5 Million Dollars Went To No Reserve Auction

A couple from Kansas City, snagged it for $5,750,000 plus auction fees — nearly 80 percent less than the original asking price.

The sellers were “very disappointed with the results,” listing agent Kelly Moran told local news site Big Island Now. He acknowledged that the no-reserve decision was “high risk” and “unfortunate,”[loooool] saying that they “underestimated the auction process.” Moran also conceded that the original $26.5 million list price was “untested” for the area — that is to say, high — but said that it was the sellers’ call.

The owners — no strangers to taking gambles, considering that they’d built Waterfalling on spec — decided to set no reserve price. That meant the Ninole property would go to the highest bidder no matter what the price was.

And not even six months later, the new owners changed their minds about the property. They put it back on the market … where it still sits after almost a year.

They first sought $10 million but recently cut the price to $8.2 million. The county values the property at $6.5 million; Zillow estimates it’s worth $10 million.

The listing agent is, again, Kelly Moran.