Although they’re famed for modern farmhouses, Chip and Joanna Gaines are currently making waves with an entirely different type of real estate: a castle.

“Fixer Upper” fans might recall that Chip and Joanna had bought this distinctly royal-looking residence in Waco, TX, in 2019, then renovated it for all to see on their six-episode series, “Fixer Upper: The Castle.”

And now that their makeover is finally finished, they’ve decided to put this palatial home up for sale in a surprisingly unconventional manner that we’ve never seen them try before.

The Gaineses have announced that they will auction off the 6,176-square-foot stone building on July 20, working with a company called Concierge Auctions.

And here’s the wild part: This auction will have no reserve. That means there’s no starting bid and, technically, no offer so low that they won’t accept it.

Does that mean some lucky buyer could purchase this majestic edifice for a pittance, perhaps even one dollar? Well, in theory, yes. However, interested bidders do have to be vetted and approved beforehand, showing proof of funds and submitting a $100,000 deposit (which will be refunded if they don’t win). So, the odds are this gem of a property will not be a bargain.

Why the castle is up for auction

So why did the Gaineses decide to sell this place by auction, rather than more traditional methods? Turns out there’s a logic to this choice: When a property is one of a kind, there are no real comps, or similar homes to compare it to. As such, assessing its true market value is a murky process, and largely boils down to the highest bidder and how badly they want it.

Also, since Chip and Joanna’s brand has gone worldwide now, they decided their castle could possibly have international appeal, which can be more easily reached with an auction company like Concierge.

“Concierge Auctions is the largest luxury real estate auction marketplace in the world with 90%+ market share and the most comprehensive database of high-net-worth property connoisseurs on the planet,” claims the website.

Melissa Miller, the listing agent for the castle along with colleague Amanda Nesbitt, both of Magnolia Realty, put it this way: “Due to the distinctive and globally recognized nature of the property, they chose to partner with Concierge Auctions for an elevated market experience. Concierge presents some of the most luxurious and unique properties around the world, so it felt like a good fit for them.”

How much is this castle truly worth?

This property’s current value is difficult to pinpoint in part because no one knows exactly how much the Gaineses paid for it in the first place. Texas is a nondisclosure state, so all we know is that, when they bought the crumbling castle, the previous owner, an Oxford University scholar, listed the place for $425,000—and it wasn’t exactly in mint condition.

Chip’s a fairly shrewd negotiator, so we suspect he secured the 1.6-acre property for less.

Still, it’s important to factor in the cost of the renovation, which took them almost three years.

Some reports estimate that this castle’s renovations may have ranged anywhere from $600,000 to $1,000,000. So all in all, it’s likely that the Gaineses have invested over $1 million into this property so far.

Inside the castle’s remarkable remodel

When Chip and Joanna bought the castle, it was already known as one of the most prominent and unique structures in town.

“It’s amazing that the house took over 24 years to complete [building],” Nesbitt tells Realtor.com®. “Construction started in 1890 by a local stone contractor who only finished the basement and first floor. It sat mostly unfinished until 1913, when Alfred Abeel partnered with architect Roy E. Lane to resume construction.”

The Abeels were the first residents and lived there for many years, adds Nesbitt. “It got its Texas Historical Commission designation in 1977.”

The Gaineses spared no expense on its renovation, adding a couple of hundred square feet and configuring it with four bedrooms, three baths, and one half-bath.

The Gaineses worked tirelessly to bring original luxurious materials and features back to life, including Honduran mahogany paneling, Caen stones imported from France, Carrara marble imported from Italy, and 120 train carloads worth of sandstone.

They also revitalized seven fireplaces, diamond-paned windows, an amazing 9-foot oak front door, crown molding, wainscoting, and ceiling medallions.

Joanna outdid herself in the kitchen, adding marble countertops, custom cabinetry, and an antique island base. She also renovated the original china cabinet, installed designer appliances, and converted the dumbwaiter into a spice cabinet, using the original doors.

In addition, they reconfigured the drawing room, dining room, conservatory/sunroom, formal library, and game room.

They finished the basement as a family room with a guest room and an additional bathroom.

Who will bid on the Waco castle?

Although this place would make an amazing bed-and-breakfast or event center, the Gaineses have often stated that they redid the space with private residents in mind.

“We think it could work well for a large family, empty nesters who have frequent visitors, or single folks who love to entertain,” says Miller.

“I imagine the buyer will be someone who is drawn to historic properties for their unique features and artful construction of years gone by,” adds Nesbitt. “We are excited to learn if the high bidder will be a local buyer, someone from across the country, or abroad.”

A prominent real estate collector, perhaps, whose family loves watching “Fixer Upper” or a European royal who wants a familiar pied-à-terre in the U.S.?

Whoever buys it will doubtless live like royalty in Waco. Still, Chip and Joanna will forever be the town’s King and Queen.

The post Chip and Joanna Gaines Are Auctioning Off Their Castle—Could You Buy It for a Buck? appeared first on Real Estate News & Insights | realtor.com®.