MERCER ISLAND (AP).- A Seattle-area mansion with an Egyptian-themed indoor pool and a 12-foot chandelier by glass artist Dale Chihuly has finally sold — for the bargain-basement price of $12 million.

The sellers put the 23,000-square-foot home on the market six years ago, and they initially listed it for $40 million. But the Mercer Island property didn't move, and The Seattle Times reports that an auction firm reduced the minimum bid on the property to $12 million in May.

The Puget Sound Business Journal identified the buyer as James Peter Edwards, the owner of Video Only, a Tukwila-based chain of electronics stores.

The sellers were Chuck and Karen Lytle, who founded the Leisure Care retirement-community chain. They're downsizing to an 11,000-square-foot waterfront mansion in Hunts Point, in Seattle's eastern suburbs.

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Information from: The Seattle Times, http://www.seattletimes.com


Copyright 2010 The Associated Press.