Posted 12:59 am Sunday, January 13, 2008
Dream Home Sells For $1.3 Million
By CINDY MALLETTE
Staff Writer
“How much is a smile worth?” asked Wesley Beard, owner of Beard Auction Services in Jacksonville.
Staff Writer
“How much is a smile worth?” asked Wesley Beard, owner of Beard Auction Services in Jacksonville.
Well, about $1.3 million, according to the Dallas man who made the winning bid on Home and Garden Television’s 2005 Dream Home at Lake Tyler.
Rick Mullins, who did not wish to talk to the media, beat out three others who also made offers on the house.
Bidding started at 10 a.m. Saturday at $5 million. With no offers, the price dropped quickly to $2 million, and finally got off the ground with a $1 million bid. After roughly 10 minutes of back-and-forth bidding, Mullins came out the winner.
Rick Mullins, who did not wish to talk to the media, beat out three others who also made offers on the house.
Bidding started at 10 a.m. Saturday at $5 million. With no offers, the price dropped quickly to $2 million, and finally got off the ground with a $1 million bid. After roughly 10 minutes of back-and-forth bidding, Mullins came out the winner.
According to the rules of the auction, all those who bid on the home had to provide financial proof that they could pay for the home. The winner also had to front 10 percent of the total cost on Saturday.
Mullins has until Jan. 28 to close on the home, and because the city of Tyler owns the lake-front property on which the home sits, Mullins must sign a lease agreement with them, too.
The tax-assessed value of the home is $1.85 million, according to city records, and the 1-acre property is assessed at roughly $300,000. Total property taxes on the home and land is a little more than $25,000 annually.
Mullins has until Jan. 28 to close on the home, and because the city of Tyler owns the lake-front property on which the home sits, Mullins must sign a lease agreement with them, too.
The tax-assessed value of the home is $1.85 million, according to city records, and the 1-acre property is assessed at roughly $300,000. Total property taxes on the home and land is a little more than $25,000 annually.
The original homeowner, Don Cruz, stood outside as his sweepstakes prize was auctioned off. Cruz’s total winnings included the 5,500-square-foot, fully-furnished mansion, two-story boathouse, a brand new GMC Denali and $250,000 in cash.
He and his wife Shelly couldn’t keep up with steep income and property taxes on the home, so instead of foreclosing, they contacted Beard to sell their house, the furnishings and the appliances piece-by-piece.
Shortly after the home sold, bidding began on smaller items. A pair of iron urns sold for $500; a side table went for $1,000.
He and his wife Shelly couldn’t keep up with steep income and property taxes on the home, so instead of foreclosing, they contacted Beard to sell their house, the furnishings and the appliances piece-by-piece.
Shortly after the home sold, bidding began on smaller items. A pair of iron urns sold for $500; a side table went for $1,000.
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“I feel great,” Cruz said after the auction closed. “I feel like everybody got a piece of the dream.”
Beard and the Cruz’s were still calculating their winnings Saturday night, and they feel positive that they’ll be able to pay their debts.
“The Cruz’s are going to breathe easier after today,” Beard said.
He added that some people knowingly bid higher prices on some items to help the Cruz’s out.
Beard and the Cruz’s were still calculating their winnings Saturday night, and they feel positive that they’ll be able to pay their debts.
“The Cruz’s are going to breathe easier after today,” Beard said.
He added that some people knowingly bid higher prices on some items to help the Cruz’s out.
“It was better than expected,” Beard said.
He said more than 1,200 people attended the auction, with at least one person sending in a representative from Oregon to bid for them.
He said more than 1,200 people attended the auction, with at least one person sending in a representative from Oregon to bid for them.
