Cognitive Dissonance

Dissonance and consonance are relations among cognitions that is, among opinions, beliefs, knowledge of the environment, and knowledge of one's own actions and feelings. Two opinions, or beliefs, or items of knowledge are dissonant with each other if they do not fit together; that is, if they are inconsistent, or if, considering only the particular two items, one does not follow from the other.
1. One may try to change one or more of the beliefs, opinions, or behaviors involved in the dissonance;
2. One may try to acquire new information or beliefs that will increase the existing consonance and thus cause the total dissonance to be reduced; or,
3. One may try to forget or reduce the importance of those cognitions that are in a dissonant relationship (Festinger 1956: 25-26).

Today's mutually exclusive ideations come from the people selling this white elephant in Camarillo, CA. Everyone knows the true story of white elephants right? Not just useless but so much less than useless that the owner could openly flaunt the waste. Check out this description:

Truly one-of-a-kind large estate with three levels. This 8100+ sq. Ft. Gated Mediterranean Villa has it all. 7 Bedrooms 9 Bath, Theater Room, Private Office, formal Dining Room and Living Room, Oversized Family Room with Fireplace and Media Center. Huge Kitchen with Viking Stove. Built-in Espresso Maker. Massive Master Suite with Fireplace and Balcony. Spectacular Bathroom with His and Hers Sinks Jacuzzi Tub and Steam/Shower. Front-Entry has large Double Wrought Iron Doors with Bubble Glass. Beautiful Foyer with 25 foot Ceiling and Massive Motorize Chandelier that can be lowered. Five balconies, Custom Wood floors, Travertine and Tufted Carpeting. Hand Carved Built-in Cabinets, Central Vacuum, 3 Air-Conditioning Units, Walk-in Safe, Fire Sprinkler System. Exquisitely Decorated. Circular Driveway with Breezeway. Pebbled Bottom Pool and Spa. Covered Patio with Stamped Concrerte. Wrought Iron fence around pool. Horse Property. 4.6 acres This Home is Priced Millions Below Replacement Cost.

That last is worth repeating: "This Home is Priced Millions Below Replacement Cost."

Okay. Let's imagine Mr & Mrs Elephant Owner having a conversation.
"Honey, there's an idea forming in my head. The houses in the neighborhood have come down so much in price and ours has gone up so much we can rightsize our home and get rid of that pesky mortgage." "Oh honey, that's great. What do you think we can get?" "let's not get greedy and instead price for a quick sale:"

Jan 29, 2009 Listed $3,390,000 -- VCRDS #90001747
Apr 29, 2004 Sold $2,450,000 44.1%/yr
Nov 30, 2001 Sold $1,015,000 -2.1%/yr
Oct 15, 1991 Sold $1,259,027 --

And what does zillow that unreasonably sunny zestimator think? $1,863,500.

Update, the Popcorn Machine and an explanation:

About 5 years this home was used as the "Design House" a charitable event where designers show their stuff in individual rooms. The home theatre had that popcorn machine as a prop and the owners obviously decided to keep it.