A historic Detroit mansion that went up for sale last year for about $9 million has been pulled from the market and is now headed for auction.

The renowned 'Bishop's Mansion' was built in 1925 and today stands as Detroit's largest private residence, boasting 32,000 square feet.

Drastic Price Cut

The stately three-story home had been on the market for over 300 days when its price was slashed by about $2 million in March. Unfortunately, the new $7 million price tag still wasn't able to attract any buyers.

Now the 12-bedroom home is headed for auction with Indiana-based Schrader Real Estate and Auction Company handling the details beginning in June.

A Rich History in Detroit

The Bishop Mansion has a long, storied history in the Motor City. The massive home in Detroit's posh Palmer Woods neighborhood was built roughly a century ago for the Archdiocese of Detroit. It's considered one of the most significant homes in the area, built for the Fisher Brothers for Bishop Michael Gallagher of the Roman Catholic Archdiocese in the 1920s.

John Salley bought the home from the Catholic Church a few years after joining the Detroit Pistons in the mid-1980s, paying about $500,000 for the 62-room home. It was Salley's party pad, where he threw lots of shindigs that were attended by various celebrities.

Salley unloaded the home in 1995 for about $900,000 and said that selling the Detroit mansion was one of his worst real-estate regrets.

The Bishop Mansion Today

Take a look at the home today. It has certainly seen its better days but it still has a lot of potential.

Detroit's Historic Bishop Up for Auction

This massive, 32,000-square-foot mansion in Detroit's Palmer Woods District was built about 100 years ago.

It's not only served as the primary residence for Archbishops of the Archdiocese of Detroit, but it has also been owned by Detroit Pistons star John Salley.

Gallery Credit: George McIntyre

Check Out 21 Now-Defunct Stores We All Miss Going to in Michigan

With the holiday shopping season right around the corner, let's take a minute to remember all the stores that we used to go to that are no longer in business.

Look Inside the Historic Kresge Mansion in Detroit For Sale for $3.2 Million

Built in 1914, The Kresge mansion is over 20,000 square feet and almost 4 acres and is one of Detroit's largest residential properties. Built in 1914 by Sabastian S. Kresge, one of the wealthiest men in America, the mansion is approx 15,000 SF, 14 Bedrooms, 6 full & 3 half Baths, and 10 gas fireplaces. The Owner's Suite & In-Law Suite includes a kitchenette: basement Workshops & and a Walk-in Bank Vault. Take a look at historic regal style.

Gallery Credit: Zillow