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Joanna & Chip Gaines prepare for multi-million-dollar end of an era – details

The Magnolia Network founders are heading to auction

joanna gaines chip gaines smiling arms around each other
Jenni McKnight
US Lifestyle Editor
28 June 2023
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Joanna Gaines and her husband, Chip are no doubt set for a huge payday after they announced they will be auctioning off the Waco, Texas castle that featured on Fixer Upper: The Castle

The married TV stars purchased the run-down landmark in 2019 for an undisclosed amount and spent three years restoring it and turning it into the jaw-dropping property it is today. 

WATCH: Joanna and Chip Gaines unveil incredible castle restoration

Dubbed 'Cottonland Castle', Joanna, 45, and Chip, 48, revealed they are auctioning off the abode in the hope it'll become "a well-loved home once again," according to a statement. 

The couple has partnered with Concierge Auctions on the sale, with the auction having "no reserve", meaning there will not be a predetermined minimum bid. However, it is likely to create a bidding war and could well go for millions of dollars thanks to its luxury interiors and impeccable craftsmanship. 

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"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 explained. "It's going to be worth what the highest bidder is willing to bid." 

But before bidders can even partake in the auction – which will take place through Concierge Auction from July 20 to July 27 – they will need to prove they have a sizeable bank balance of their own and make a $100,000 deposit. 

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Chip previously revealed that the restoration project "was the fixer-upper of all fixer-uppers", but the couple wanted to restore the building to its former glory and even studied the German castle that inspired its original design.

"While we completely re-envisioned some parts of the castle and gave others new purpose, in the end, the goal was to make it a home again – blending past and present, beauty and functionality, sophistication and charm," Joanna said on the finale of Fixer Upper: The Castle

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The 6,000-square-foot castle sits on nearly 1.6 acres and features four bedrooms, plus a library, a conservatory for stylish indoor-outdoor living, a card room, a butler's room, and a tower, which has restored original paneling and a new antique light fixture and ceiling medallion. 

The couple blended historic details such as intricate millwork and diamond-paned windows with luxurious updates, such as Honduran mahogany paneling, Caen stone, and Carrara marble. 

The exterior windows are original to the home and were repaired and painted in a custom color to reflect the dark windows seen in historic photos of the castle. They also restored the original doors, added exterior lighting and a new landscape all around the property. 

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Inside, Chip and Joanna repaired the worn plaster and replicated the hardwood floors. They installed new electrical and plumbing systems and restored the plaster walls, ceiling, and crown molding, as well as adding new lighting. 

"This castle is one of the most impressive properties in the entire Waco, Central Texas area and I've wanted it for two decades now," Chip said on the show. "The plan for the castle is to bring this beautiful property back to its original state."

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