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