Elton John's iconic Atlanta home, known for its flamboyant flair, has been sold at a staggering price of $7.22 million, soaring 45% above its initial asking price. The sale comes just weeks after the property was listed on the market, according to reports from the New York Post.

The buyer, who remains unidentified, is said to be a local resident and made the extraordinary decision to pay the entire sum in cash, adding further allure to the transaction. The sale was confirmed by Chase Mizell of Atlanta Fine Homes Sotheby's International Realty, the listing agent for the property, in an interview with the Wall Street Journal.

Mizell, the mastermind behind this remarkable sale, disclosed that the four-bedroom unit had garnered significant interest right from the start. The property was strategically underpriced to capture attention, a move that ultimately led to a substantial increase in value. "We had a ton of interest right out of the gate," Mizell revealed to the Journal.

Elton John's connection with Atlanta holds a special place in his heart, as the city provided convenient flight options for his worldwide tours. Over the years, the music legend had expanded his empire within the Park Place building, acquiring five additional apartments. He once expressed his affection for the city, stating, "The city adopted me and I adopted it."

The residence, distinguished by its unconventional layout and spaciousness, featured large areas specifically designed to showcase Elton John's impressive photography collection. Mizell highlighted the uniqueness of the property, explaining the pricing strategy behind it. "We strategically underpriced it so the price would go up, rather than list for an ambitious price and potentially have it sit on the market," he explained.

The star power of Elton John undoubtedly added to the frenzy among potential buyers, some of whom were not actively seeking a new home. The gallery space within the residence heightened its allure, attracting art enthusiasts with substantial collections. Betsy Akers, the agent representing the buyer, declined to provide any comment on the transaction.

The Park Place building, a prestigious address in Atlanta, was constructed in the 1980s and boasts around 250 luxurious apartments. Along with the exquisite unit, the sale includes nine reserved parking spaces, six private storage units, and five wine-storage units for the discerning connoisseur.

While this sale marks a remarkable chapter in Atlanta's history of real estate, it is worth noting that the luxury market is showing signs of softening due to rising interest rates, as cautioned by Mizell. However, cash buyers are not significantly affected, he emphasized.

In the end, the sale of Elton John's Atlanta home serves as a fitting tribute to the remarkable connection he formed with the city that welcomed him with open arms.