Mansion owner dropping price $25K a week in 'Dutch auction'

The owner of a 6,265-square-foot, seven-bedroom oceanfront compound in Marblehead, Mass., that went on the market for $4.5 million is now asking $3.99 million, and will cut the price by an additional $25,000 every Friday until the home is sold in a “Dutch auction.”

The restored 1850s mansion, 11 Crown Way, features a 2,400-square-foot carriage house that’s “perfect for extended family or weekend retreat.” Source: