Will this $11 million Mississauga mansion sell for less than half it's value at auction? Or is the media being played again?

This is 2290 Saxony Court in Mississauga, Ontario.

Its an 18,000 Sq tt, 4 Storey, 23 Room, 9 Bath French Chateau Inspired Mansion. From the realtor description:

This Masterpiece features hand picked creme marfil marble from Spain, 10 Ft Honduran mahogany doors, 23 Ft coffered ceilings, plank sized North American white oak flooring, floor to ceiling hand carved marble fireplace mantle, A $1 Million Hvac system, automated smart system, an 8 car garage, a wine cellar. 

Extras: a state of art theatre room + a games room complete with heated hardwood floors and a bar! The exterior boasts buffed chamfered Indian limestone (approx cost $1 Million), 25 tons of structural steel framing, 2′ water nain, 200 Amp generator.

Supposedly the was originally priced at $11 million (curiously the numerous press articles don't list what it's appraised at - we've all seen that story before) and the owners, in an attempt to sell the home quickly, have turned to Ritchie Brothers to auction the house.

The 23-room mansion, located at 2290 Saxony Court, off of Mississauga Rd. just north of the QEW, was originally priced at $11 million, but the auction company is estimating the house could sell for about $5.5 million as the owners are looking to sell quickly.

However, Ritchies Auctioneers managing director Kashif Khan said the mansion could ultimately wind up selling for more than the estimated price. He said auctions work best when there's a unique item up for grabs and it's priced right because that leads to competitive bidding. Khan said he expects that to happen with the Mississauga home.

Ahhh, suddenly the picture clears.

Ritchie Bros is attempting to generate advertising for their auction and a bidding war. The hook?  Announcing the house MAY sell for half it's original listing price of $11 million.

Meanwhile the house gets worldwide media attention with newspapers, like this photo spread in the Vancouver Sun.

Is it working?

The company has received calls about the property from places such as Asia and South America and there has also been interest here in Mississauga from well-known, wealthy locals, said Khan.

Curiously this online Windsor newspaper story contains an interesting reader's comment about the photo of the mansion above:

The comment says, "the front of the property has been Photoshoped; the sidewalk and curb are where the pillars and fence are. There is no more setback to this monstrosity than there is to a bungalow on Bloor. I hope no one is bidding online based on those pictures. Unless there is a disclaimer along with the description and photos of this place it constitutes fraud."

Misleading photoshopped real estate pictures in a real estate promotion picked up by media outlets and run worldwide?

Haven't we seen this before?

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