The Real Reason Chip And Joanna Gaines Are Putting Their Waco Castle Up For Auction

It's hard to let go of any home you love, even when the time to move is right. For that reason, fans of Magnolia Network's "Fixer Upper: The Castle" were shocked to learn that Chip and Joanna Gaines were putting the season-starring property up for auction — with no reserve! Putting a house up for auction often suggests it's in rough shape, but fans know that this castle was done to a high standard. So it's hard to imagine this property — with a 2023 appraised value of $1.7 million — would be headed for the chopping block. 

In this case, however, because the castle is so unique, huge, and high-end, it's hard to put a value on it. So the best way to find a proper valuation is to put it up for auction and find out what the market will purchase it for. "The castle is historic and it also has been redesigned and renovated, and so the value of the property is very difficult to define," Laura Brady of Concierge Auctions, who is helping with the auction, explained to People. "It's going to be worth what the highest bidder is willing to bid." Bidding for Cottonland Castle, as it's officially known, will start July 20 and end July 27. Potential bidders need to provide a $100,000 deposit as well. The castle is listed by Magnolia Realty for $2.9 million. 

Working on the castle was a long-time dream for the Gaines, but they finally purchased the property in 2019, and their series showcasing the project aired in 2022. Given how long they dreamed of purchasing the home, it's even more of a surprise that they would want to sell, but Chip explained it was the best option. "This is a project that I was pursuing for 20 years," he told Entertainment Tonight. "The reality is we need to sell it, and we should sell it." In a statement, the couple said they wanted to make Cottonwood Castle "a well-loved home once again," per People.

The house is huge, though. With more than 6,000 square feet of space, it would take a large family to fill up the residence. Along with a conservatory, a dining room, a library, seven fireplaces, two kitchens, and a butler's pantry, it also has four bedrooms and 3.5 bathrooms, including a marble spa bath. It also has Joanna's special touch and interspersing features like antique windows and crown moldings in a timeless, vintage aesthetic with a handful of modern design elements. Cottonwood Castle became a designated Texas historic landmark in 1977. The house was built in 1890, and hopefully, it will be around for at least another century.