Real estate mogul Mauricio Umansky says California needs to work with the federal government to help Los Angeles rebuild.
A sprawling $12.985 million California estate in the Muirlands community of La Jolla entered a Dutch auction last week, and the cost drops $250,000 weekly until a buyer emerges.
A Dutch auction, known as a pricing strategy designed to drive urgency through scheduled price reductions, dates back to the 17th century in Holland, where it was used to efficiently sell tulips in a highly competitive market, according to listing agent Heather Daum of The Agency.
Daum is listing the multimillion-dollar property alongside Mauricio Umansky, founder of The Agency.
While the auction isn’t definitively a result of the climate, the market has softened in La Jolla, according to Daum, who said this format could help alleviate a stagnant market or buyer hesitation.
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The front of 6389 Castejon, a property for sale in La Jolla, a neighborhood in San Diego. The home just entered a Dutch auction, where its list price drops each week. (Rev Productions)
Daum said this type of auction offers several strategic advantages for the listing firm, including heightened visibility due to the rarity of the format. It can also spark curiosity and buzz among potential buyers.
“It also creates a competitive atmosphere. If multiple buyers are monitoring the listing, one may act quickly to secure the property before someone else does. This urgency can lead to a faster sale, especially from motivated buyers who don’t want to risk losing the home by waiting for another price drop,” Daum said.
Daum said it can also be a practical solution for owners under time pressure because of a job relocation, divorce or financial pressure. At the same time, the format will help a seller understand what buyers are willing to pay without letting the home sit on the market for too long.
A shot of a pool on the property at 6389 Castejon in La Jolla, a neighborhood in San Diego.
It allows the market to “set the price through a structured, gradual price reduction that could lead to a more realistic and competitive offer,” she said, adding that with the “Dutch Auction’s built-in price adjustments, the listing remains dynamic and visible.”
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The home at 6389 Castejon Drive is described as “an extraordinary coastal retreat” with over 11,000 square feet of living space. It is on a half-acre lot with views of the Mission Beach and La Jolla coastline.
The modern home has six bedrooms, seven full bathrooms, two half baths and a kitchen on every level. The main level includes an indoor bar, a 180-bottle wine room and a lounge area that flows into a courtyard with a cascading water feature. The primary suite is on the main level and comes with a private patio and outdoor shower.
The $13 million property for sale in La Jolla, a neighborhood in San Diego. The home just entered a Dutch auction, in which its list price drops each week. (Rev Productions)
The second level features formal living and dining areas, which open to an infinity-edge pool, outdoor kitchen and bar area as well as basketball and bocce courts.
The basketball court at 6389 Castejon in La Jolla, a neighborhood in San Diego. (Rev Productions)
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Its dual driveway leads to the home’s garage, which can house up to 11 vehicles. Notably, the home’s reverse floor plan optimizes ocean views, according to the firm. It also has an open design.
The home is also in proximity to golf courses, beaches, hiking trails, a school and restaurants.
