Business

Mansion auction bids not high enough

This is a summary. To read the whole story subscribe to BostonGlobe.com

Home prices may be rising elsewhere in the Boston area, but not it seems in the mega-mansion category.

Bids for the 28-room Wayland estate of developer Roy MacDowell Jr. only reached $5.6 million on Friday, short of the $8.3 million needed to satisfy a debt he owed to Suffolk Construction chief John Fish.

After a handful of bids, the house reverted to the lender, Fish’s Waltham Road Realty, LLC. Fish forced the auction in an effort to recoup the money he had loaned MacDowell, a man he has called a friend in news reports. Fish declined to comment.

MacDowell, who took a financial hit in the real-estate crash and defaulted on several loans, has been trying to sell the property since 2011.

Full story for BostonGlobe.com subscribers.

Get the full story with unlimited access to BostonGlobe.com.

Just 99 cents for four weeks.

Share