Seaside mansion sells at last for $14.1M, third of $45M asking price
12/25/2011SAN DIEGO -- A seaside mansion in San Diego that was used in TV commercials but never occupied has sold for $14.1 million -- a third of the original asking price.
The San Diego Union-Tribune says "The Razor" -- an 11,000-square-foot estate built by noted architect Wallace E. Cunningham -- was purchased by an East Coast buyer and is in escrow.
The La Jolla home took six years to build and was completed in 2008 at a cost of about $34 million. Public records show it's the bankruptcy estate of Jimmy Cooksey, Jr. It was once featured in ads for Calvin Klein and Visa but was never occupied.
The original asking price of $45 million was repeatedly slashed. Several auctions this year were cancelled when nobody offered minimum bids.