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Homebuyers can grab a piece of Clint Eastwood's Tehama

August 19, 2011 - Plots in the celebrity studded Carmel, California, Tehama development are ready to hit the auction block, according to Curbed.

The development was originated by actor and director Clint Eastwood, and while the auctions may be good news for homebuyers hoping to pull up with the moving truck, investors say the sales may not make their day as they could devalue other lots in the development, the source explains.

The piece of land set to go to auction on August 31 is owned by computer entrepreneur Norman Waitt, co-founder of Gateway. Waitt purchased the lot for $3.4 million and has yet to build on the 15.4 acre space. The starting price at this month's auction will likely be $1.75 million, according to The Wall Street Journal.

Acreage at Tehama runs between three-and-a-half to 20 acres, and some homeowners in the gated community are concerned that if Waitt's lot - which is located at one of the highest points in the community - sells for short money, their home prices will fall as well, the source explains.

However, the sell off may create a perfect opportunity for homebuyers looking to give contractors ample space to build their dream home.

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