The cost of regulation

The federal government is in the process of auctioning off a famous office building in Laguna Niguel, California. The Chet Holifield Federal Building, sometimes referred to as the Ziggurat, was designed by William Pereira, a well regarded architect. It’s an interesting building, done in a sort of Mesopotamian style, but to my eye not particularly successful:

The OC Register has had a series of news stories on the auction, where feverish bidding has pushed the price to a much higher than expected level.