Lisa Blumenthal of Boston’s tony Back Bay neighborhood will pay $560,000 for a pair of highly desired parking spots near her home, after an IRS auction, the Boston Globe reports.
Bidding started at $42,000 but escalated to six-figure prices within seconds. The IRS seized the parking spots from a man who owed almost $600,000 in back taxes and auctioned them off on Thursday.
The most expensive parking spot on record in Boston, set in 2009 at $300,000, is also in the Back Bay neighborhood.
Beth Dickerson from Gibson Sotheby’s International Realty told the Boston Globe: “The demand is not about value. It’s about wanting the parking spot at whatever cost.”
The median price of a single family home in Massachusetts is $313,000, AP reports.