Highly anticipated auction comes under reserve price of $50M

The highly anticipated auction for doctor-turned spec developer Alex Khadavi’s megamansion 777 Sarbonne Road in Bel Air went into a 24-minute overtime yesterday afternoon before Concierge Auctions put down its gavel and brought the bidding to an inconclusive end.

The high bid, from an unidentified buyer, was $45.7 million. That just missed the final asking price of $46.7 million and the reserve price of $50 million. The megamansion’s initial asking price was $87 million.

Concierge Auctions posted a message that a sale is pending but also said it would accept back-up bids.

The auction started May 5 with a bid for $40 million. The eventual high bidder, identified only as 873784, got into the action days later, at 1 pm PST on May 9. The bidding went back and forth a few times in the final hours of the online auction, going to $42.5 million,and then $43.5 million just a minute before the official end of the auction at 4 p.m. PST.

Concierge Auction extended the bidding for 24 minutes as the two bidders skirmished before the bid of $45.7 million was taken as the hammer price.

The megamansion’s eventual buyer will get a seven-bed, 11-bath house on a parcel of more than one acre in Bel Air real estate, with a koi pond and retractable DJ table among other amenities. This house also is a short drive away from a megamansion called The One, which also was the subject of a dramatic auction and bankruptcy hearing in April.