If you have nothing better to do, you can bid on the historic John Witherspoon homestead down in Princeton. With a measly 2.5 Million reserve, it could be had on the cheap.

It looks very nice.
http://www.zillow.com/homedetails/166-Cherry-Hill-Rd-Princeton-NJ-08540/2136875475_zpid/

But auctioning it off? Isn’t that a bit risky?

Sure, but this could be an incentive for the owners to want to pull up stakes:

Total property tax $145,905.74

http://php.app.com/mod4_10/details.php?recordID=1570063

That’s per year. Getting out from under the carrying costs may be more of an incentive than the “desire to downsize”.

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