Update: The auction of this property was postponed at the last minute to a non-specified date in the spring of 2017, according to Platinum Luxury Auctions, which is handling the sale. The auction company indicated that they have received interest from several qualified buyers but that these parties weren't able to meet the previously scheduled auction date.
A Texas mansion famous for its three-story closet will be auctioned live on Saturday at a starting price of $5 million.
Built in 2005 and completely renovated in 2014, the house encompasses 17,300 square feet in the gated community of Carlton Woods in The Woodlands. It includes nine bedrooms, 10 full bathrooms and three half bathrooms.
The property boasts an outdoor living area with a large pool inspired by the Wynn Las Vegas hotel, lounge, fire pit and two kitchens equipped to handle commercial-grade catering and large-scale events. There is also a wine room, a fitness center/spa and a theater, according to the listing.
But what is probably the most unique feature of the residence is its famous “her closet.” At more than 3,000 square feet, the closet is larger than the average U.S. home, which the Census Bureau says is 2,392 square feet.
Property owner Theresa Roemer spent roughly $500,000 to build what she has described as a “she cave” fashioned after a Neiman Marcus store, according to Platinum Luxury Auctions, which is handling the live, on-site event starting at 7 p.m. Saturday local time.
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The closet’s three floors are connected by a spiral staircase and include a champagne bar and a makeup station on its second level, where Ms. Roemer also keeps her collection of shoes and clothing. The first floor is dedicated to handbags and jewelry, and the third is devoted to hats, furs and “things I don’t wear very often,” she said when she debuted her closet on “Good Morning America” in July 2014.
Now, however, Ms. Roemer’s “she cave” is no longer big enough for her. According to Platinum, she is looking for a new adventure and wants to build an even bigger closet, double the size of the current one.
She and her husband, oil tycoon Lamar Roemer, enlisted Platinum to expedite the sale of their mansion after finding no takers in a conventional sale.
The home was initially listed in December 2014 at $12.9 million. Its price was reduced in May 2015 to $11.2 million and discounted again that June to $9 million, according to David Ashcroft, director of sales and development at Platinum.
Mr. Ashcroft said that through the bidding process, they hope to obtain the fair market value for the home, which would be somewhere between $5 million and its last asking price.
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To participate in the auction, prospective buyers must register in advance and agree to pay all cash for the property and close within 30 days, among other stipulations.
Platinum conducts its auctions on site, normally in the living room, because “we want people looking around, being committed to the asset,” Mr. Ashcroft said.
“You are constantly getting the affirmation from your peers. You are watching them bid and outbid you. It makes sense to bid higher,” he said.
He contrasted live auctions with bidding for a product on eBay: “You don’t know how bad you want that pair of shoes until you see someone else wanting the same pair of shoes as bad as you,” Mr. Ashcroft said.