Thanks to a tip from our reader Gini, I learned that one lucky man got a crazy good deal on the gorgeous McAfee mansion in Colorado. Jeffrey Patrick Wu, a 29-year-old Chicago commodities trader picked up the house for just $5.72 million, way below the expected $20 million. Wu, who is originally from Colorado, plans to use the 280-acre estate as a vacation home.
In an article in the Rocky Mountain News, McAfee is quoted as saying that the owner got an excellent deal. McAfee is not new to the auction game, he has auctioned three other properties in the past three years. Bidding started at $15 million but dropped all the way down to $3 million when no one bid. The deal also included the furnishings for the home. It's simply amazing that all that land and all that house sold for this little, I was expecting it to easily hit $15 million or more.
Reader Comments (Page 1 of 1)
5-13-2007 @ 8:22PM
Homeowner said...
A 29yo commodity trader with some $6 mil to spare for a mansion? We're all in the wrong profession! Forget school! Jump on Wall Street and make gazillions of dough with OPMs.
Reply
5-13-2007 @ 9:35PM
John said...
Homeowner, I feel our pain. That was the first thing I thought of and it depressed me very much.
Reply
5-14-2007 @ 12:05AM
buddy318 said...
He didn't get a deal. He paid full retail. The place was weird. Very weird. The 280 acres of land is gorgeous and is worth $2.8 million+-. Add a million for a very awkward house that you will either tear 2/3rd down, or undergo major rehab, and you get a better idea of the value. I expected $4 - $5M. A penny over $6M would have been ridiculous.
Reply
5-16-2007 @ 1:20AM
JW-C said...
There must have been some serious problems with either the house or land for the outcome to be this dramatic. It sound as though some very crafty people tried to sell this property as something it is clearly not. BUYER BEWARE.
Reply