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This palace-like estate on Mercer Island is the most expensive piece of real estate in the Seattle area.

By Zillow

The Boulevard Estate, Mercer Island, WA
For Sale: $28,800,000

Not all houses that are slated for auction are foreclosures. Take, for example, an enormous, high-end estate on Mercer Island, Wash., near Seattle. The 13,000-square foot home sits on a large parcel and offers significant water and mountain views, as well as a short commute to downtown Seattle. Even with median Mercer Island home values currently $734,700, a home listed at $28.8 million has a significant price tag.

It went up for auction August 30 through the auction site JP King, and while the home didn't sell during the auction, JP King identified four interested buyers.

"We'll work with the bidders to get a deal that wasn't made on auction day," said Caley Newberry, communications manager at JP King.

The home first made a splash last year when it was listed for $32 million, making it the most expensive real estate listing in the Seattle area.

But, after a year on the MLS, the owners decided to auction the property.

"The great thing about the auction is that there's a 90-day turnaround. The owners don't have to wait around; they buy it on their terms," said Newberry. "A property has been on the market five years, then you put it up for auction and it sells."

High-end real estate usually takes longer to sell than a market-priced home. Using an auction site, says Newberry, speeds up the process because the auction company will market internationally to a specific group of potential buyers.

Additionally, sometimes it's hard to tell the market value of a multimillion dollar estate like the Mercer Island home for sale.

The owner "put a lot of money and time into this house and it's hard to tell exactly what the value is because it's so customized," explained Newberry. With an auction, "you know you're getting the market value because the market speaks up."

The estate sits on a 1.66-acre lot and has 160 feet of beach frontage. Completed in 2010, the home has 7 bedrooms and 11.25 bathrooms. One of the bedrooms is an owner's suite, with high ceilings, granite fireplace, sitting area with lake views and access to a private terrace, as well as a deluxe master bath. Four other rooms are located in the children's wing, which has a playroom and wraparound terrace that also features lake views.

Additionally, the home has a 200-bottle capacity wine room, movie theater, command center for lighting, security and music as well as two elevators and a basement entertainment center that features a karaoke bar, indoor pool, sauna and gym, covered lounge and snack bar.

Wondering what it would cost you monthly to live in a palatial place like this? Even with low mortgage rates, currently at 3.986 percent for a 30-year-fixed in Washington state, if you put 20 percent down, you're looking at a payment of $128,341 a month.

View the full listing at Zillow here.

Zillow

The gourmet kitchen features 14- foot ceilings, three sink stations, two Sub-Zero refrigerators with wood inlaid cabinetry panels, three ovens, and three dishwashers

Zillow

A premier place to enjoy the end of summer: pool, lounging area and covered BBQ.

Zillow

Pick your body of water to lounge by-- the pool or the lake!

TIMOTHY A. CLARY / AFP - Getty Images

The front of the Mercedes-Benz Concept A Car is shown during the 2011 New York International Auto Show.

If this year’s New York International Auto Show is anything to go by, the rich are making their consumption more conspicuous these days.

Earlier this week, the world’s major luxury vehicle manufacturers launched their newest cars with almost pre-recession opulence.

Bentley, for example, kicked off the premium gatherings with a reception at the new Manhattan store for Breitling watches. High rollers had the chance to ogle watches that cost as much as cars, and cars that cost as much as a house. Bentley used the occasion to debut the new $38,900 Bentley Barnato watch (made by Breitling). It’s named after Woolf Barnato -- one of the drivers who scored five wins for Bentley in the 24 Hours of Le Mans sports car race in the 1920s. Breitling will make only 25 of the watches (and one customer who attended the event placed an order for one of the watches the next day).

Mercedes-Benz also hosted a gathering in an intimate venue -- its new 330,000 square foot Manhattan dealership, purpose built to coddle luxury customers by minimizing some of the hassles of driving in Manhattan.

Example: three levels of parking underneath the building, with entrances and exits making it easier to get in and out of it no matter which direction you’re going.

Maserati, Lexus and Formula One car constructor McLaren showed off its new models at media parties, with the McLaren get-together also serving as a sneak preview of a new biographical film on the team’s icon world champion driver, Aryton Senna.

Let the good times roll!

(The 2011 New York auto show is open to the public from Friday, April 22 through Sunday, May 1.)

This throne is designed for the king of the house who has everything.

Kohler

Kohler's stylish $6,390 Numi commode will, as the company's website says, "bring you the finest in personal comfort and cleansing." Not convinced you need one? We will let the features speak for themselves:

• A motion-activated lid and seat.
• Advanced bidet functionality (with adjustable spray patterns).
• Integrated air dryer.
• Deodorizer.
• Heated seat.
• Foot warmer.
• Illuminated panels.
• Built-in speakers and MP3 player jack.

You can also rest assured all that luxury does not come at the expense of the environment. Consumer Reports says this WaterSense-certified toilet uses dual-flush technology, which allows you to select a partial flush for liquid waste and a full flush for solid waste. How fun.

Now comes the bad news: The Numi won't be available until fall.

The Numi certainly is pricey, but it doesn't hold the title of the most expensive toilet ever — that honor goes to the International Space Station's $19 million, problem-plagued privy.

The economy is barely afloat, but at least our hair looks great.

Nearly 42 percent of adults say haircuts and hair coloring is one spending category they refuse to trim from their budgets, according to a 2010 survey (.pdf file) sponsored by Stores magazine, a retail industry publication. The study examined what spending areas are "untouchable" and what are "expendable" in consumers' budget.

As the economy improved last year, many adults were a lot quicker to say hands off to certain areas of discretionary spending, the survey found. A few luxuries, including casual sit-down dining, department store shopping and haircuts made their way back onto the untouchable list after falling victim to America's flirtation with frugality as the recession unfolded.

Related story: Going gray to save money? No way!

"Small luxuries such as gourmet coffee, casual dining and even high-end cosmetics were among the things many consumers really had to learn to live without,” said Susan Reda, editor of Stores magazine. "Though most Americans are still quite focused on maintaining a budget, many are once again falling in love with the things they had to temporarily say goodbye to."

Luxuries deemed "untouchable" by Americans:

• Internet service: 81 percent
• Basic cable TV: 61 percent
• Hair cuts and coloring: 42 percent
• Charitable contributions: 38 percent
• Casual sit-down restaurants: 32 percent
• Upgraded mobile devices: 23 percent
• Organic food: 17 percent
• Daily cup of gourmet coffee: 17 percent
• Facials: 11 percent
• Maid service: 9 percent

What luxuries do you refuse to cut from your budget?