Luxury Home Above Black's Beach Up For Auction

Home Called 'The Razor' Seen In Commercials For Visa, Calvin Klein

An architectural marvel that has become one of the most photographed homes in the country is now on the auction block.

  • Video:Luxury Home Above Black's Beach Up For Auction
  • "Technologically, it's a marvel," said listing agent Bob Hurwitz. "It's a rare opportunity to buy a one-of-a-kind property."

    The 11,000 square foot home dubbed "The Razor" is hollowed out from the cliffs over Black's Beach. It boasts floor-to-ceiling glass, polished concrete surfaces and picturesque views.

    The home was designed by top architect Wallace Cunningham. It filters light in a way that changes the home's look depending on the hour.

    "To quote Wallace Cunningham, 'It's his masterpiece,'" said Hurwitz.

    The four-bedroom, six-bath masterpiece also boasts a glass elevator, theater and a two-story guesthouse. The house has been featured in commercials for Calvin Klein and Visa's Black Card. It has also been showcased in "Architectural Digest." A commercial for Aston Martin will film later this week.

    The home's owner, software engineer Don Cooksey, spent $34 million in the last decade to build it before he declared bankruptcy and turned it over to a trustee for auction. The bidding will start at $16 million.

    The home that has defined luxury now represents another high-priced trend. According to RealtyTrac, million dollar mortgages now make up about 2.3 percent of all foreclosures. That is double the number from 2007, which makes it the fastest growing segment of the foreclosure market.

    "What this means is people that had means to sustain an economic downturn are finally being hit," said Nathan Moeder of The London Group.

    However, one owner's loss is a home buyer's gain.

    "I definitely think it's a steal," said Hurwitz.

    The auction takes place Sept. 28 and will go up in increments of $100,000.

    Part of the home, including the kitchen and bathrooms, remain unfinished.

    If you would like more information on the auction, visit HurwitzJamesCo.com

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