Ouch! The president of the “Luxury Homes Group,” a Las Vegas- based luxury real estate company has just listed his 6,600+ sqft home for sale on Innisbrook Avenue for $1.299 million. Mr Morco Kozlowski paid $2.3 million for the property back in 2006, and the property was foreclosed upon in March for $1,45 million, which gives some kind of indication of the fall in values in Las Vegas.
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A home in Barrington Hills has earned the dubious distinction of “Chicago’s most expensive foreclosure.” The home in question previously earned the title of “Chicago’s most expensive home sale,” in 2006. Three years and one financial crisis later and the owner’s have defaulted on the loan. Horizon Farms estate at 311 Algonquin Road was purchased for $19.3 million late 2006, with a $14.5 million mortgage. The estate comprises a 10,000-square-foot home; guest and staff quarters, plus numerous barns and a half-mile race track.
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Melville House, in Fife near Edinburgh, Scotland has been awarded the dubious honor of Scotland’s “most expensive foreclosure sale,” becoming one of the most expensive bank owned properties in the UK. (Private residences that is. ) It may possibly be the most expensive foreclosure in the world, although I am open to information otherwise and suspect it will not be keeping the world title this year.
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The financially-troubled Tamarack ski resort development faces yet another issue as Bank of America threatened to remove two ski lifts when lease payments fell into arrears.
Bank of America started foreclosure proceedings on a three building conference centre, and Stirling Bank started similar proceedings on an employee housing facility. There are sheriff’s sales scheduled for October and December.
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Ann Brenoff has posted on the LA Times blog that the Donald Trump-Ed McMahon deal may not go through, as The Donald now has competition to buy the place.
The listing agent reports that an anonymous second buyer has shown up. Interesting. We thought the listing agent went to New York to ask Trump to please help out McMahon. And now there’s a mysterious buyer.
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Well what do you know? It looks like Donald Trump has stepped up to rescue Ed McMahon from foreclosure. And none too soon, it appears.
We saw in the LA Times today that Trump has agreed to buy the McMahon home, and he’ll allow McMahon and his wife to continue to live there. As we mentioned just a couple of days ago, McMahon had slashed his home’s asking price in hopes of avoiding imminent foreclosure.
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