GLITZ

Could real estate prices be going down? Apparently so, in Las Vegas at least, where Liberace’s 14-room mansion went for a bargain-basement price of $325,000--after months of being on the market for $2.8 million. The house was bought at auction Saturday night by two fans of the late, ebullient showman who plan to turn it into a museum. Said Lorna Burroughs, who bought the place with retired Calgary, Canada, oilman James H. Sedger: “We want to preserve it as a tribute to Liberace. We want to preserve it and open it for the enjoyment of the public.” The bidding started at $1 million but when no one bit, the opening price was dropped to $500,000. Things didn’t get going, however, until the figure fell to $200,000 and only four other offers were submitted before the Sedger-Burroughs came in. Proceeds from the sale will benefit the Liberace Foundation for the Performing and Creative Arts.