$87 Million California Mansion Up For Bankruptcy Auction [PHOTOS]

An extravagant Los Angeles mansion, once valued at a staggering $87 million, will hit the market Thursday for a fraction of that price.

Perched on a hilltop of Newport coast land, California, the estate at One Pelican Hill Road North, dubbed Villa del Lago, spans 12.5 acres of property that includes a vineyard, horse stables, tennis court, 17-car garage, and a private lake with cascading waterfalls, according to Reuters.

The biggest attraction, however, is the Tuscan-style 3-storeyed villa, which boasts 17 bathrooms, marbled floors and gold leaf ceilings.

Nearly eight years after the construction began in 2003, luxury-home agent John McMonigle, who was the man behind the project, filed for bankruptcy, bringing the price of the villa down to $57 million before further reducing it to $37 million.

Initially owned by La Jolla Bank, OneWest, which is a southern-California based bank, had taken over the estate at the time of bankruptcy. By then, the villa was said to be about 90 percent complete.

Real estate agent Rob Giem, who is responsible for selling the property, said that the first open house held recently attracted over 700 people.

The house is spectacular. It's unique, Newport Beach estate agent Michael Gosselin said. For the right buyer, it would be fantastic. I just don't know how many buyers like this are out there anymore. I'll be curious to see what it sells for.

Check out the photos.