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By JEFF COLLINS / THE ORANGE COUNTY REGISTER
A vintage beachfront house in North Laguna Beach once owned by actress Diane Keaton was seized at a foreclosure sale Thursday after its owner fell behind on the mortgage and was unable to find a buyer to stave off the auction.
The house at 989 Cliff Dr., which Keaton sold for $13 million, reverted to the lender for want of a $7 million bid.
The home has been on and off the market for the past 1 1/2 years and had gone through at least eight price cuts that reduced the asking price 17% to $8.3 million.
A web of intrigue surrounded Thursdays auction as the ex-wife of the former owner snapped pictures of spectators attending the auction at the Orange City Hall. At least one potential buyer lurked inconspicuously nearby.
Absent from the auction was the homes now former owner, Patrick Neiland Smith, who bought the property from Keaton in 2006, then tried unsuccessfully to sell it for a loss.
The foreclosure also meant the loss of a possible commission for listing agent Nancee Swensson, who said she had four buyers lined up willing to pay more than the banks minimum bid price of $7,006,348.
Swensson was at a loss why her offers werent conveyed to the bank before the auction. She said her buyers were offering between $7.6 million to $8.2 million. She now hopes to contact the lender to try to land a deal.
Two of Swenssons potential buyers were making all-cash offers, but were unable to attend the sale because they were out of town, Swensson said. The other two wanted to buy the home with financing, which disqualified them from the foreclosure auction bidding, she said.
Register real estate writer Kelli Hart Kehler reported that Keaton bought the home in 2004 and sold it after just two years.
read more Bank forecloses on star’s former home | home, million, house - The Orange County Register
