The sellers did an amazing job with this property and had been hoping to get a whole lot more money than where it’s currently listed. They purchased a much smaller home for $6M in 2007 – and expanded, renovated and improved the lot. It’s magical.
The last time that it was on the market was 2014/2015 when they asked 10.5M. It expired at 9.5M after a year.
Unfortunately, sellers often think that they will recoup all of their renovation costs, and that just never happens.