The fate of the long unfinished riverfront mansion that stretches across three football fields on a secluded section of West Linn has been decided: A couple from Washington state agreed to pay cash for the 32-acre property at 32020 S.W. Peach Cove Road.

Ten potential buyers and their families gathered in a suite at the Nines hotel in downtown Portland at 7 p.m. on Thursday, June 14 . Less than an hour later, the hammer came down, acknowledging the highest bidder.

The name of the successful bidder and the price will be disclosed when the transaction is complete, in 30 days or less, said Trayor Lesnock of Platinum Luxury Auctions, who conducted the auction.

"I believe the new owners intend to complete and live in the home," said Lesnock.

The property's longtime owner Mark Wattles, best known for starting and selling then-successful Hollywood Video stores and buying bankrupt Ultimate Electronics, said he poured $12 million into his still-unfinished, 50,000-square-foot trophy home on 32 acres of farmland on the Willamette River near Canby.

Wattles, who attended the auction and later had dinner with the highest bidder, paid $1.25 million for the undeveloped land in 1994.

Although the land is zoned exclusively for farm use, Wattles received a building permit in 1996 to erect a mansion about the size of the White House.

The next year, he won a highly publicized legal challenge filed by a neighbor, who was aided by land-use group 1000 Friends of Oregon and the Ball Janik law firm.

Soon after, construction stalled as he moved with his wife and five children to Las Vegas to benefit from tax advantages and escape the spotlight. "The founder of a fast-growing business isn't the center of attention in Las Vegas as it is in Portland," he said.

Today, he owns homes in Dallas, Texas, Punta Mita, Mexico and a French country-style estate at 25020 S.W. Valley View Road in West Linn that is also for sale at $3,488,000. That 16-acre, gated property in Stafford Summit Estates is being sold in the traditional manner, not by auction, by Terry Sprague of Luxe Christie's International Real Estate.

Sprague and Kendra Ratcliff of Luxe Christie's International Real Estate listed the Peach Cove Road property and partnered with Platinum Luxury Auctions to sell it.

That land sits at a bend in the river, granting 270-degree views and 2,700 feet of water frontage.

"I don't think there is a nicer place than that point," said Wattles, 57, who added that he went "overboard" with his plans for the house, explaining that he was in his 30s at the time.

The whole bottom level of the massive structure was planned as a 60-car showroom, garage and mechanic space.

Another large part of the footprint was devoted to a 25-foot-tall gym with a full basketball court or it could have been used as an indoor pool area. An expansive office wing would have allowed Wattles to work at home.

"It would have been spectacular for the family," Wattles said, "tons of places for the kids and me to play on the river and in the house."

Over time, Wattles has had the architectural plans for the house redesigned, from traditional style to a Northwest Craftsman with a stone facade. Yet, a new buyer could make the three-level mansion look classic or modern.

There are walls, long covered in waterproof Tyvek, but no windows or finished floors.

The only work that has been done over the decades has been to maintain the wood and other building materials exposed to the elements. Twice a year, documents are submitted to Clackamas County to keep the controversial building permits active.

Clackamas County assessed the property at $6.6 million.

The auction sale price "was in the range of our expectations," said Lesnock.

-- Janet Eastman



jeastman@oregonian.com

503-799-8739

@janeteastman



