POWAY (CBS 8) - In a slumping real estate market, homeowners are often forced to get creative. But this story stands out. This could be your chance to bid in an online auction for a 7,000-square-foot estate.
If you were trying to sell a multi-million dollar home in an exclusive Poway neighborhood right next door to LaDainian Tomlinson's house, you might consider using a big name broker, but businessman Curtis Dadian likes to think outside the box.
Dadian isn't thrilled about selling what he considers to be a $6 million property at half price, but figures if he has to sell, he wants the painful process to be over in a hurry.
"I've seen a lot of homes sit on the market these days for months and months, and with Auction.com, there is a 90-day term," he said.
Auction.com, for a one percent listing commission, has sold 42,000 properties this year, and when the online company pitched Curtis for his listing, he had his doubts.
"I was skeptical when I was approached by Auction.com, and the more I learned I decided it made sense to at least give it a try," Curtis said.
Thousands of people have logged on to see his elegant pool, tennis court and six-acre spread.
Alex Davis from Auction.com says bidding creates competition, and if the winning buyer flakes on this deal, there's a $10,000 penalty.
"Otherwise, anybody could bid any amount of money they want and we'd be tracking people down all over the place," he said.
The 90-day listing boils down to a one-week auction, and so far Curtis likes what he sees.
"You can see we've gone from 2.1, 2.175, 2.2 (million), and now the current bid is to the left showing $2.25 million," he said.
Curtis is hopeful in the next two days the offers will exceed his $3 million asking price, taking him from a down market to the driver's seat.
"We'll see, seems like it but I can't guarantee that until Saturday," Curtis said.
If you'd like to hang out by the pool with sports star neighbors like Mo Williams, Phil Nevin, David Justice and LT, the bidding process ends on Saturday. If the winning offer is yours, you could wrap up this property with a bow just in time for Christmas.
If Curtis Dadian isn't happy with the highest bid, he has the right to walk away from the deal.