A McKinney mansion asking $4.5 million is heading to auction after more than a year on the market.
The four-bedroom, six-bathroom home at 2115 Paradise Ranch Trail is on a 10-acre lot. Owned by classic car enthusiasts active in local restoration clubs, the home includes a 6,200-square-foot showroom attached to the 12,500-square-foot home.
The property also includes an equestrian barn that can accommodate four horses.
The sellers listed the home for $5.9 million last July and have modestly reduced the price several times since then. It is one of the most-expensive homes on the market in McKinney, a Collin County suburb about 30 miles north of Dallas.
Holly and Andi Haven of Real Broker have the listing, and Florida-based Elite Auctions is handling the auction. Elite has held auctions for other North Texas homes, but this is the company’s first in McKinney. It will take place on site at 11 a.m. Nov. 7.
Many sellers turn to auctions after exhausting the conventional listing process. Elite Auctions has seen a threefold increase in auction candidates this year, CEO Randy Haddaway said. That might be fueled by a softening of the luxury market, especially in the Sun Belt.
“There’s a lot of inventory that needs to be cleaned up around the country,” Haddaway said.
Nationally, luxury sellers are pulling back from the market, according to Redfin. While some markets have been hit harder, Texas is among those slowing down. Austin, once a tech boomtown, had one of the highest seller-to-buyer ratios in the country during the hot season, with inventory especially high in the luxury condo class. Relistings are taking up an increasingly high share of the state’s ultra-luxury inventory, mostly concentrated in Houston and Dallas.
The most recent headliner auction in the area was a Southlake mansion at 1469 Sunshine Lane. Previously listed for $27.5 million, the home’s winning bid was $14.22 million, less than the expected starting bid.
