A 7-bedroom, 11-bathroom estate in Tarzana, Los Angeles, on Brewster Drive, has just sold for a 60% discount at auction. The bidding for the property, which had been up for sale at almost $10 million just last year started at $2.1 million and quickly rose to $4 million. The winning bidder, a Mr Sanjiv Chopra, a businessman in the clothing business plans to live in the home with his family.The home is almost finished and will require some $250-300,000 spending to completely finish off.

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Unlike the unfortunate Nicholas Cage, who is losing several properties to foreclosure auctions, Cher is also auctioning off some property – but not under duress it would appear. Cher has selected Concierge Auctions to auction her property at the Hualalai Resort, on the exclusive Kona-Kohala Coast in Hawaii, on Monday, January 18th, the company announced.  Meticulously designed by Cher and completed in December 2009, the 8,821-square-foot luxury residence has never been offered for sale.

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