Luxury homes in the news 08/20

President Obama to vacation in Martha’s Vineyard, more Luxury home foreclosures; Michael Jackson’s doctor faces foreclosure; and a man in scuba gear burns his luxury McMansion after it fails to sell.

As usual, in the current economic crisis, the news on the luxury home front tends to be either very positive, or extremely bad. President Obama and family, presumable sans entourage but with secret service, is planning on spending a few days in a luxury home on Martha’s Vineyard, the Blue Heron farm. Amenities include a Cape Cod guest house, a swimming pool and a half-court basketball court with horse riding, kayaking and boating. Best guess as to the cost is between $35,000 – $50,000 a week, Still, it is hard work handing out billions of dollars to the banks every week, so I am sure he needs a break.  ABC news

Further down the food chain, the news is not quite so positive. Another rash of foreclosures is hitting the luxury real estate market, mostly as developers who managed to hang on by the skin of their teeth are starting to be picked off by the banks as their balance sheets swell and private individuals unable to sell finally face the music.

The OC register reports that 7 luxury homes with outstanding debts of more than $1 million face foreclosure and will be auctioned in Santa Ana today. OC register.

The WFAA reports on a luxury apartment complex in Dallas is facing foreclosure – unbeknown to the tenants – some of whom have leases though August next year. I suspect they will stop paying the rent any time now. WFAA

The Las Vegas Review Journal reports that Michael Jackson’s doctor is also facing foreclosure after failing to pay the $15000-a-month mortgage on his Summerlin luxury home since January. No doubt he needs the money for the upcoming book release.  LV review

And on a lighter note, possibly one of the most ill-advised arson attempts I have ever come across. After failing to sell his $3.5 million luxury McMansion in Phoenix, Michael Marin managed to escape the “mysterious” blaze that gutted the house, from a second storey balcony wearing a scuba kit and using a rope ladder he just happened to have lying around. He is, of course, now under arrest.