Hawaiian cliff-top mansion now about 70% off (51 photos)

Hawaiian cliff-top mansion now about 70% off (51 photos)
·Homes Editor

Talk about heart-stopping.

No, not the cliff-top perch of this Hawaii mansion. We mean its vertiginous price history.

When we wrote about the so-called Waterfalling estate last year (named for, and -- very -- loosely based on, Frank Lloyd Wright's Fallingwater, with a generous dollop of Magnum P.I.), it was on its way to auction. Its $26.5 million list price had failed to attract any buyers.

(Click here or on a photo for a slideshow.)

The owners — no strangers to taking gambles, considering that they'd built Waterfalling on spec — decided to set no reserve price. That meant the Ninole property would go to the highest bidder no matter what the price was.

A couple from Kansas City snagged it for $5,750,000 plus auction fees — nearly 80 percent less than the original asking price.

The sellers were "very disappointed with the results," listing agent Kelly Moran told local news site Big Island Now. He acknowledged that the no-reserve decision was "high risk" and "unfortunate," saying that they "underestimated the auction process." Moran also conceded that the original $26.5 million list price was "untested" for the area — that is to say, high — but said that it was the sellers' call.

And not even six months later, the new owners changed their minds about the property. They put it back on the market ... where it still sits after almost a year.

They first sought $10 million but recently cut the price to $8.2 million. The county values the property at $6.5 million; Zillow estimates it's worth $10 million.

The listing agent is, again, Kelly Moran.

Click here or on a slideshow for Hawaii's Waterfalling estate, now about 70 percent off its original asking price.

Also on Yahoo Homes:

Michael Jackson's Neverland Ranch hits market at $100M (63 photos)
Man ravages yard, shrugs off developers' millions for principle based on hunch (22 photos)
Abandoned behemoth with 46 bedrooms -- or 'more like 70' -- is for sale in Texas, where else? (41 photos)

The Concierge Auctions video promoting Waterfalling last year: