Not even architectural gems like Richard Neutra’s Kaufmann House (1946) in Palm Springs, California, are immune to today’s recessionary climate.
The house was re-listed for sale on September 29 after its purchase earlier this year fell through. The sleek, iconic home sold for a cool $19 million in May during Christie’s Postwar and Contemporary Art auction held in New York, but the deal unraveled for reasons not made public. The property is now being offered for the “bargain” price of $12.9 million – a 32 percent reduction. After five weeks on the market, there are still no takers.