Million Dollar Beacon Hill Brownstone To Be Auctioned

Four years ago, a couple purchased this Beacon Hill brownstone for $2.25 million, with the intention of renovating the property and flipping it for profit. Peter and Elizabeth Georgantas imported Italian marble, a wine cellar, a green house, and a wet bar in the library. Considering the location, the remodeling done to the home, and the state of the luxury market at the time, it seemed a sure bet that the sale would fetch a hefty sum in return. However, in fall 2008 right as the couple put the property on sale for $8.95 million, the housing market, and it particular, the luxury housing market, abruptly froze, shrinking the couple’s chances of a large profit. Months later the couple dropped the asking price to $7.95 million, and then again last year to $7 million, with no serious offers coming in. Today the couple homes to entice buyers into purchasing the property by putting it up for auction with a minimum bid near $5 million, a rare occurrence in the industry. To read this entire article, click here.