The couple behind the largest for-profit chain of schools in the country is auctioning off four of their luxury homes.
The properties were initially on sale for a cumulative price of $46 million.
Robert and Miryam Knutson decided to unload luxury real estate 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 high end real estate market asking for a combined $46 million, but after a few months they decided to head to the luxury auction block. The homes are being auctioned off on January 10 and 12, 2019, without reserve prices.
Over the past year, luxury real estate auctions have become a more frequently-used approach to move properties that aren’t selling.