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Slashed by $500K, Atlanta's Famed 'Pink Palace' Tries Again

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One of Atlanta's most storied properties — the Pink Palace, a 1926 masterpiece by architects Neel Reid, Hal Hentz and Philip Schutze — is back on the market with fresh listing photos and a $500,000 discount. This 16,000-square-foot compound has been trying to lure in the right moneybags since the dawn of the Recession, when it listed for an astounding $20 million and jumpstarted round after round of selling troubles. A series of price-chops and a carousel of listing photos — summer and winter, furnished and empty, like now — ensued. This week, its asking price dipped below the $6 million threshold, barely, to $5.99 million. The selling issues are tough to explain. While this is one massive helping of house (and front yard) to care for, and probably too baroque overall for many buyers, it seems livable compared to truly gaudy palaces West Paces Ferry Road is known for. It's worth noting that the Palace barely cracked the top 10 of Buckhead's most expensive residences last fall. Highlights include two rooftops terraces, the modern-style attic apartment and 27 wells on the property that provide geothermal heating and cooling. Regardless, this icon is beginning to look lonely.

· 541 W Paces Ferry Road NW [Estately]
· Buckhead's Famed 'Pink Palace' Hits Market For $7M [Curbed Atlanta]
· Can Fresh Photos, Price Chop Finally Sell Famed 'Pink Palace'? [Curbed]