Massive Seattle-area mansion finally sells for $12M _ 70 percent less than owners wanted
By APSaturday, July 10, 2010
Wash. mansion finally sells _ at 70 percent off
MERCER ISLAND, Wash. — A Seattle-area mansion with an Egyptian-themed indoor pool and a 12-foot chandelier by glass artist Dale Chihuly has finally sold — for the bargain-basement price of $12 million.
The sellers put the 23,000-square-foot home on the market six years ago, and they initially listed it for $40 million. But the Mercer Island property didn’t move, and The Seattle Times reports that an auction firm reduced the minimum bid on the property to $12 million in May.
The Puget Sound Business Journal identified the buyer as James Peter Edwards, the owner of Video Only, a Tukwila-based chain of electronics stores.
The sellers were Chuck and Karen Lytle, who founded the Leisure Care retirement-community chain. They’re downsizing to an 11,000-square-foot waterfront mansion in Hunts Point, in Seattle’s eastern suburbs.
Information from: The Seattle Times, www.seattletimes.com
