Coors Mansion on the Auction Block, As Home Prices Continue to Fall

April 1 2009, 9:10 AM

The latest craze in this topsy-turvy housing market--where buyers everywhere have the upper hand--the owners of luxury mansions are putting their homes on the auction block in an attempt to provoke a sale. One auction company is starting bids on the large Lookout Mountain home of Scott Coors, great-grandson of Coors Brewing Company founder Adolph Coors, at $1.25 million, reports the Denver Business Journal. Auctioneers have also set a minimum bid of $3.9 million on a eight-bedroom, 13-bathroom home in Cherry Hills Village. Average home prices across the country are down significantly. Phoenix and San Francisco, for example, are down more than 30 percent, according to Agence France Presse. Denver has fared much better, down just 5.1 percent. But it's still expensive to live in the mountains. In Vail, applicants are rolling in for people hoping to be placed in one of the town's 80 affordable-housing units, writes the Vail Daily.