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Act fast to buy home McCain had for $7 million

SHARE Act fast to buy home McCain had for $7 million

The former home of GOP presidential nominee John McCain and his wife, Cindy, has been put back on the market at a drastically reduced price of $7 million.

But act now. The price is good only until Election Day.

The expansive estate in midtown Phoenix was up for auction Saturday, but none of the five registered bidders hit the minimum price, said owner Stewart Larsen of the Larsen Co., which handled the auction.

So the owners decided to offer it at a timed sale that ends on the day of the election that decides whether the Arizona senator becomes president. Larsen's company is also handling the current sale, which ends at 7 p.m. EST Tuesday.

Although it is illegal, under federal law, to bet on the outcome of a presidential election, the outcome of Tuesday's election will affect the value and the price of the home, Larsen said.

"The potential is still there for McCain to pull out a victory," Larsen said. "At least, (the owner) wanted to have the option of maybe raising the price if that should happen."