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If you live in Colorado,you probably heard about this.  And perhaps even if you are somewhere else - it seems to have made the national news.  But just in case you haven't - the McAfee estate property, as in McAfee anti-virus software, in the mountains of Woodland Park, CO, west of Colorado Springs, was sold at a real estate auction this week. 

It was first announced in early April, that the enormous multi-million dollar 10,000 square foot mansion on 280 acres was going to auction after John McAfee announced his desire to sell since he doesn't spend much time there anymore.  He hoped it would sell for about $20 million. 

The auction is now over and what a deal it may have turned out to be for once local Coloradoan and now Chicagoan - Patrick Wu.  Bidding began at $15 million but was decreased and it eventually sold for $5.2 million  - with an estimated cost of $5.7 million after all of the closing costs involved.   It sounds like Mr. Wu has no plans to subdivided the property for development.  His immediate plans stated to the media included vacationing at the property. 

If you have a moment to check out the links, do, especially the one in the first paragraph.  There are great pictures and the property is very impressive.  Was it worth $20 million in this current market, probably not, or he would have skipped the auction and sold it at that.  But did Mr. Wu get a good deal?  Well I have never seen it besides the photos but I think yes - as long as he doesn't plan on selling anytime soon.  

Steve Scheer
Denver Real Estate
www.stevescheer.com

 
This post has been included in Colorado Information

7 Comments on What a House! - McAfee Estate Sold at Auction this Week

Very impressive home and I think he did get a steal

05/12/2007 08:49 AM by Rod Tinsley (Tinsley, Inc)

It is a very impressive home.  Wonder what the home that McAfee lives in normally looks like?

05/12/2007 09:25 AM by Jon Angevine Calgary & Airdrie Real Estate (Royal LePage Foothills)

Rod - I think you are right.

Jon - One of the articles said that this was the 4th home they had sold for him in the past 3 years.  2 were in Hawaii and 1 in Texas.  I am sure all of them were equally impressive.  I am not certain where his "normal" home is.

05/12/2007 09:31 AM by Steve Scheer - Denver Real Estate - Highlands Ranch Real Estate (RE/MAX Masters, Inc.)

Why do you say it's a good deal only if he doesn't plan on selling anytime soon??

It definately seems worth more than the measly 5.7...

 

05/16/2007 08:28 PM by Michelle

I just want to soak in the tub a few times. I wonder if Mr. Wu would mind in between his Colorado vacations.

05/16/2007 10:39 PM by Jennifer Steck- Denver Real Estate (Rocky Mountain Homescapes, Keller Williams, Denver Colorado)

Just the furnishings, rugs, and art, in the main house were probably worth 1 million....not to mention the fully furnished "3 guest homes, 9 guest cabins" this wu guy got a hell of a deal.  too bad macafee didnt list it in the MLS, probably would have got more than 6mil for it. 

05/17/2007 12:55 AM by Jayson Holland (RE/MAX )

Sorry for responding late - I've been off line from blogging for a few days. 

Michelle - I think the word that was key is "soon".  In this market & at any very high end luxury price, chances are relatively good that it will take awhile to sell.  If someone wanted it and was willing to pay more, they most likely would have done so at that auction.  But, did he get a good deal if he is truly going to use it himself & enjoy it, then yes, I think so.  As always, a property is as valuable as someone is willing to pay for it.  Maybe someone would have paid more, but they didn't.

Jennifer - I think my wife mentioned something about redoing our bathrooms once she saw the photos.

Jayson - Thanks for commenting.  If he is going to enjoy the estate, then it was a good deal for him to enjoy. 

05/23/2007 07:10 PM by Steve Scheer - Denver Real Estate - Highlands Ranch Real Estate (RE/MAX Masters, Inc.)

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Real Estate Agent: Steve Scheer - Denver Real Estate - Highlands Ranch Real Estate (RE/MAX Masters, Inc.)
Steve Scheer - Denver Real Estate - Highlands Ranch Real Estate
Denver, CO
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