Joey Fatone Auctions Orlando Property: Will He Get What It's Worth?

Back in 2006 former 'NSync singer Joey Fatone flaunted his colossal Orlando, Fla. mansion to the MTV community on their hit show "Cribs," where he allowed cameras to take a gander at his lavish lifestyle.

Come Sept. 11, Fatone isn't going Chapter 11, but he does plan to auction off the home that he has currently priced at $6.5 million. The starting bid is $3.7 million. The listing price was raised from a previous $5.5 million to match the appraisal price.

But in today's Orlando real estate market, is this a fair price?

"I think that this is a very opportunistic purchase," says Frances Katzen of Prudential Douglas Elliman's Katzen Group.

Katzen has helped high profile celebrities such as Michael Strahan find and sell pricey properties. "To get upward of 12,000 square feet, almost five acres gated and with the [six bedroom and 10 bathroom] count, it is definitely compelling. The residence is definitely worth more than its minimum auction bid, and because it has such an opportunistic price point, just a few bids will drive the price point upward."

Fatone's lakefront property is part of the community dubbed "Millionaire's Row." Built in 1999, he purchased the Kilgore Road estate in 2001 for $2.65 million. Fatone's family home is on the Butler Chain of lakes near Windermere.

Even though the star isn't entertaining the ladies at large-scale concert arenas, he's entertaining friends and family with a movie theater that's outfitted with stadium seating, and a restaurant-caliber kitchen, replete with dual refrigerators and built-in ovens.

The master suite alone is 3,800 square feet and accommodates butler service with a sitting room. The living and dining rooms are big enough to host small concerts. And what pop star doesn't have a 10-car garage?

Search Homes for Sale Browse through photos of millions of home listings or search foreclosure listings Fatone, however, takes it to new dealership levels with rotating floors. The father of two doesn't have a lakefront property for nothing: There's a boathouse and a dock, too.

But the real dazzlers are in his aquatics amenities. Perhaps channeling Playboy's Hugh Hefner, there's a swimming pool with a grotto that rocks an enclosed spa.

And appealing to Fatone's physique, prior to his stints on "Dancing With the Stars" and "Dance Your Ass Off," the grotto area also has a sushi bar. These architectural details are all connected via a charming little footbridge.

Reportedly, the reason Fatone is selling his pad is because he wants more of a central location -- in downtown Orlando -- for his family.

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Latoya Rutledge

When it comes to selling real estate, one of the most difficult and frustrating situations for sellers is when market conditions make it nearly impossible to sell at the desired price point. A high initial listing price might be because the seller simply has an unrealistic idea of how their house stacks up against the competition in the area, or because the owner needs to sell for a set minimum price in order to pay off their loan against the property.

With traditional property sales methods, the only way to prevent the property from sitting on the market indefinitely is to keep dropping the price. Unfortunately, this technique doesn't always work - especially if the seller is unwilling to "discount" their house by much.

In areas flooded with homes for sale, reducing the asking price slightly will not bring the desired result. In fact, it's common that the property will continue to sit on the market without offers, alongside the multitude of other unsold properties with similarly reduced prices.

April 19 2011 at 5:17 PM Report abuse rate up rate down Reply