A sprawling $12.985 million California estate in the Muirlands community of La Jolla entered a Dutch auction last week, and the cost drops $250,000 weekly until a buyer emerges.

A Dutch auction, known as a pricing strategy designed to drive urgency through scheduled price reductions, dates back to the 17th century in Holland, where it was used to efficiently sell tulips in a highly competitive market, according to listing agent Heather Daum of The Agency.

Daum is listing the multimillion-dollar property alongside Mauricio Umansky, founder of The Agency.

While the auction isn't definitively a result of the climate, the market has softened in La Jolla , according to Daum, who said this format could help alleviate a stagnant market or buyer hesitation.

Daum said this type of auction of

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