Foreclosure For Sale: 83% Off Original List Price for Oceanfront Hawaii Mansion

Last Updated Apr 26, 2011 4:37 PM EDT

Looking for an amazing foreclosure for sale? Look no further than Oprah's and Obama's favorite state for relaxation: Hawaii.


This breathtaking Hawaii estate, measuring 13,143 square feet and once valued at $17 million will be sold via online auction starting Saturday, April 23 at Auction.com.

And while the starting bid of $2.9 million is hardly pocket change for most of us, it's slightly more than 16 percent of the home's original value.

So what would you get for your $2.9 million? Quite a lot. Let's start with the jaw dropping views of the Pacific Ocean that the property offers (pictured right). The overall lot encompasses a spacious 21.51 acres of private property. Considering that your average American football field measures roughly 1.3 acres, and California's Disneyland theme park clocks in at 85, it's pretty clear that the kids (or your guests) will have plenty of outdoor space to explore.

The lavish home has six bedrooms, and eight bathrooms and was built in 2005. And given Hawaii's near perfect climate, you and your guests (because really, if you buy this place, expect them to come out of the woodwork), can enjoy the outdoor jacuzzi (pictured left) year-round.

The Hawaii waterfront mansion also offers an unbelievable gourmet kitchen (pictured below) with Brazilian granite woven between custom cherry cabinets. If you get tired of taking the stairs up to your master suite, make use of the property's commercial elevator.
An you won't even have to buy furniture! The place is move-in ready. Furnishings emulate European design accentuated with authentic Persian rugs and 24K gold plated crystal chandeliers.

Auction.com will begin accepting bids for the property at 7:30 a.m. PST this coming Saturday, and the offer period concludes Wednesday, April 27.

Auction.com's CEO, Jeff Frieden, acknowledges the unique nature of this listing: "This is an incredible buying opportunity for a home buyer or investor. This one-of-a-kind property is a glorious private oceanfront palace. Rarely does one get this privacy and breathtaking natural beauty sitting on top of 20 acres of majestic ocean cliffs with a secluded beach."

Do you think $2.9 million is a fair price for a piece of paradise?

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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.
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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.