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Auctions Used to Move Luxurious Homes and Bank-Ordered Sales

Award-winning singer, actor and cultural pop icon Cher has selected Concierge Auctions to auction her property at the Hualalai Resort, on the Kona-Kohala Coast in Hawaii.

Meticulously designed by Cher and completed in December 2009, the 8,821-square-foot luxury residence has never been offered for sale.

"This auction represents an excellent opportunity for buyers to secure one of the premier assets in our community, which has proven to be one of the most resilient and sought after locations in the world," says listing broker Rob Kildow of Hualalai Realty, who is supporting the auction.

The property features a gated center courtyard leading to the main residence, which includes a master suite, great room, kitchen, dining room, outdoor "lanai" living area, and infinity pool with spa overlooking the Hualalai Golf Course and the Pacific Ocean. The courtyard is flanked by five individual, detached bungalows — four bungalow living suites, three with one bedroom and one bath, and one with two bedrooms and two baths, and a media bungalow. The entire property is selling furnished, complete with custom artwork and accessories.

Those interested in checking the latest status of the auction can visit www.CherHawaiiAuction.com.

In other celebrity news, this time in a more negative light, Academy Award winner Nicholas Cage recently lost two homes in New Orleans that are worth a total of $6.8 million in a foreclosure auction.

Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal St. property in the French Quarter, appraised at $3.5 million, for $2.3 million. The bank paid $2.2 million for Mr. Cage's 2523 Prytania St. property appraised at $3.3 million in the Garden District. No other bids were registered for these properties.

Michael Jackson, Stephen Baldwin, Victoria Gotti, Ed McMahon, Fantasia Barrino, Jose Conseco and Aretha Franklin are all celebrities who were faced with eviction and lost their homes to foreclosure in recent years.

Oak Brook, Ill.-based Inland Real Estate Auctions has a lineup of properties that will be sold at an auction event on Feb. 24.

The auction includes two homes, luxury home sites and a mixed-use building that were previously in foreclosure and are being sold at the direction of the lender.

“Though some signs indicate that the recession is winding down, the effects of the downturn continue to be visible in the auction market, where we continue to see a spike in the number of bank-ordered sales,” said Paul Rogers, senior vice president and managing broker of Inland Real Estate Auctions.

“Lenders are particularly motivated sellers, and these auctions offer aggressive opening bids and a real opportunity for buyers to realize value.” Properties for sale include an 8,000-square-foot luxury estate in Lemont, Ill. The five-bedroom, five-and-a-half-bathroom home was built two years ago and includes a pool, home theater, four fireplaces and a half-acre lot with lake views.

Appraised at $1.8 million, it will be sold subject to a minimum bid of $1.1 million. Another home, a newly renovated split-level on a one-acre lot in Homer Glen, Ill., will be sold subject to a minimum bid of $195,000.

Though not a bank-ordered sale, the auction will also feature a 35,000-square-foot all-brick office plaza, located at 4413 Roosevelt Rd, in Hillside, Ill. The building’s versatile floor plan is well suited for medical or office use and has rental income in place. Previously priced at $3.3 million, it will be sold subject to a minimum bid of $1.295 million.

Other properties up for auction include a 5,400-square-foot mixed-use commercial/apartment building in North Riverside, Ill. Zoned B-1, with street-level space ideal for office or retail use, the property is being sold with rental income in place subject to a minimum bid of $195,000.

The lender has also ordered the sale of a 38,134-square-foot piece of property in Orland Park Township, Ill., zoned for residential use and ideal for a luxury home or subdivision into two to three home sites, or rezoning for commercial use. Originally priced at $599,900, the property will be auctioned with a minimum bid of $125,000.

Interested bidders can contact Inland Real Estate Auctions at 630-990-5353 for more information or to obtain the bidder’s information packages specific to each offering.