Sandwiths Cut Waterfront Mega-Mansion Price by $10 Million

The Puget Sound Business Journal is reporting the owners of one of Mercer Island's most-expensive homes has cut nearly $10 million from their $28.8 million asking price in the hopes of attracting more interest in a depressed housing market. 

Principal Broker Kris Robbs will reportedly handle the sale of the on the 7-bedroom, 11 1/4-bathroom, 13,650 square-foot waterfront mansion, located at 4137 Boulevard Place. The new $18.95 million asking price is reportedly over $1 million below the valuation from a new appraisal of the property, acording to the PSBJ.

Earlier in August, Gadsden, AL-based managed auction firm but failed to attract any buyers, halting the auction once they reached a reserve price of $15.5 million.

Owners David and Becky Sandwith purchased the home in 2004 and poured an estimated $30 million into improvements, only to see the real estate market collapse nationwide in the run up to the Great Recession.

Mercer Island is and is home to the most expensive homes sold in the state since 2009, according to MLS sales records. Both of those homes also sold at auction: In 2009, the Proctor Landing Estate sold for $15.675 million after it was once listed at $39.5 million two years prior. In 2010, the Lytle Mansion sold for $12 million. It was listed for over $40 million in 2005.

(Ed. Note: An earlier version of this story incorrectly states the Proctor Landing Estate was offered for $45 million in 2006. In fact, the estate was offered for $39.5 million in 2007. Mercer Island Patch regrets the error.)