The properties were initially on sale for a cumulative price of $46 million

The couple behind the largest for-profit chain of schools in the country is auctioning off four of their luxury homes.

Robert and Miryam Knutson decided to unload the properties about a year and half ago, after Robert contracted a “mystery virus,” according to the Wall Street Journal. Their chain of schools, Education Management Corp., declared chapter 7 bankruptcy earlier in the year.

The homes in Florida, Pennsylvania, Colorado and New Mexico were all on the market asking for a combined $46 million, but after a few months they decided to head to the auction block. The homes are being auctioned off on Jan. 10 and 12 without reserve prices.

Over the past year, auctions have become a more frequently-used approach to move properties that aren’t selling.[WSJ]

 

Read The Real Deal article by Erin Hudson HERE.