Luxury Homes Won't Sell! Next Stop, EBay?

May 9 (EIRNS)--Weak sales and cancellations drove homebuilder Lennar Corp. to try an internet auction of 14 new luxury homes in Indio, California, east of Palm Springs.

The experiment proved a flop. Not one of 692 bids for 14 new luxury homes met the original minimum price that Lennar was seeking, according to the May 9 Wall Street Journal .

Online auctions for homes have been on on the rise nationwide, the Journal reports, but they are commonly held by desperate homeowners or banks unloading foreclosed properties, not for prime properties. Have they tried EBay?