In the 1960s, actor Clint Eastwood began acquiring land in Carmel, Calif. that would eventually become a development project known as Tehama. Today, plots in that development are among the most sought after in this ritzy seaside escape some two hours south of San Francisco. But now local brokers are concerned that the auctioning of one of the area's prime lots—a 15.4-acre hilltop building site—may erode the cachet of this celeb-driven development. That home site, with its views of Carmel Bay and the surrounding hills, was previously listed for $3.45M, but will hit the auction block with an opening bid of just $1.75M. Adding fuel to the fire brokers are starting over this is the fact that the seller is not some disgraced Ponzi schemer, but wildly wealthy Gateway co-founder Norman Waitt, who would apparently just like to free himself of the headaches of a property lingering on the market. But, who knows, maybe a call from Dirty Harry himself will be enough to dissuade the computer king from cutting and running. That seems unlikely though, considering the auction is set for August 31.
· Tehama Carmel [official site]
· Auction Prompts Concern at Eastwood’s Carmel Development [WSJ]
· Carmel Auction [Sheldon Good & Company]