Mario Hernandez of Coral Gables descends the stairs of a historic Coral Gables house auctioned for $1.175 million on Saturday, Dec. 10, 2011. The property, at 1248 Coral Way, belonged to the estate of James H. Davidson, who left it to the U.S. Government upon his death. The seven-bedroom dwelling was built between 1929 and 1930. MARSHA HALPER / Miami Herald Staff

About 65 people gather for an auction by National Auction Company of this historic Coral Gables house that was auctioned for $1.175 million on Saturday, Dec. 10, 2011. The property, at 1248 Coral Way, belonged to the estate of James H. Davidson, who left it to the U.S. Government upon his death. Fifteen bidders registered to take partin the auction. Two Coral Gables couples who will take on the home's renovation as a project made the winning bid Saturday. MARSHA HALPER / Miami Herald Staff

The two Coral Gables couples who successfully bid on a historic Coral Gables house that was auctioned for $1.175 million on Saturday, Dec. 10, 2011 celebrate as their bid is announced. Barbara Perez, left, and her husband, Greg Lopez, right, and Karen Coppa, second from left, and her husband, Eric Kleinman, second from right, say they will make the home's renovation a collaborative project. The property, at 1248 Coral Way, belonged to the estate of James H. Davidson, who left to the U.S. Government upon his death. MARSHA HALPER / Miami Herald Staff

People start to gather outside a historic Coral Gables house that was auctioned for $1.175 million on Saturday, Dec. 10, 2011. The property, at 1248 Coral Way, belonged to the estate of James H. Davidson, who left it to the U.S. Government upon his death. Two Coral Gables couples who will take on the home's renovation as a project made the winning bid Saturday. MARSHA HALPER / Miami Herald Staff

George Richards, president and head auctioneer of National Auction Company, starts the bidding on a historic Coral Gables house on Saturday, Dec. 10, 2011. The property, at 1248 Coral Way, belonged to thte estate of James H. Davidson, who left it to the U.S. Government upon his death. It fetched $1.175 million; two Coral Gables couples who will make the home's renovation a collaborative project made the winning bid. MARSHA HALPER / Miami Herald Staff