In one of the most sought-after areas of West University – an exclusive enclave in Houston – sits an empty house that was for sale a year ago at $1.7m (£1.1m) and has been reduced twice, most recently to $1.39m.

Huge effort was made to lure a buyer. The five-bedroom home, built “on spec” by one of what was a legion of Houston property speculators, includes oak floors, wine bar, games room, built-in backyard barbecue and a stack of closets designed to be turned into an elevator shaft one day.