A landmark Harbor Island home sold in bankruptcy court last month, reportedly for $6 million below its asking price.
The French Neoclassic mansion, at 18 Harbor Island, sold for $27 million, according to The Wall Street Journal; it was listed at $32.6 million.
Best known for its massive flag pole and ornate limestone exterior, the 12,000-square-foot home cannot be missed from the harbor's main turning basin.
A Colorado couple in advertising purchased the home from a group of owners led by an apparel executive, The Journal reported. The selling corporation, DAKS, was in Chapter 11 bankruptcy and was forced to sell other properties.
The 10-bedroom, 12-bath mansion has a pool, an eight-car underground garage and six elevators. It sits on a 26,000-square-foot corner lot.
— Mike Reicher