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No Reserve Auction Set for Auto Dealer's Tennessee Folly

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Location: Johnson City, Tenn.
Price: $TBD
The Skinny: When car dealer Steve Grindstaff set out to build his multi-million dollar dream home he chose a rather unlikely spot: Johnson City, Tenn. Granted it's his home town—and where he made his fortune—but when the mansion went on the market for $28.5M in 2008, it likely ruffled some feathers in a town rated fifth in the country for lowest cost of living. Modeled after Spain's Palacio de la Magdalena, the 20,000-square- foot lakeside castle was built with the help of European craftsmen and includes extravagances like handmade crown moldings, stained glass windows, a hand-carved antique bar, an indoor basketball court, and 22-foot front doors imported from a Parisian music conservatory. Today, after almost a year without takers at the reduced price of $19.5M, the estate has been sent to auction. The bidding is set to commence on June 16, and with no reserve price this southern palace will sell to the highest bidder. As an extra enticement, Grindstaff is including a collection of Italian race cars for use on the estate's private race track.
· Grindstaff's 'Crantzdorf' castle to go on auction block [Johnson City Press]
· Crantzdorf Castle [Zillow]
· The 10 Least-Expensive Cities For Living in the U.S.A. [Kiplinger]