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Pacific Palisades Project Now On Sale, Err, Auction Block

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Ok, once again getting a little suspicious of the word auction being thrown around so casually these days. But old friend Villa Bella, that 21-unit Mediterranean-inspired project at 16123 W. Sunset, is headed to auction. Well, 7 of the units are being auctioned off as a "builder liquidation sale." You'll recall the development was featured on the site last August. Of the 21 units, 7 are being rented out, 7 have sold, and 7 are being auctioned off, according to developer Alon Zakoot. In terms of pricing, a 1,300 square foot three-bedroom that was originally priced at $935,000 will have a minimum bid of $449,000. As the pricing sheet points out, a smaller unit previously sold for $760,000. The people who paid $760,000 can't be happy about this auction. The auction takes place May 17th and it sounds like you get a free lunch, too.

· Villa Bella Auction [Official Site]