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Foreclosure Mansion Fire Sales

million dollar foreclosuresMulti-million dollar mansions all over the country go on the foreclosure auction block

New York: Sloane Mansion in Pre-Foreclosure – The luxurious 18 East 68th Street property seems to be in trouble, as the owners were motivated to sell Sloan Mansion for $39 million, $25 million less than last year’s asking price. The property was bought for $20 million, while another $11 million were spent buying out tenants.

According to PropertyShark, the creditor (Madison Realty Capital) has submitted a pre-foreclosure filing (also known as a “lis pendens”) on the mortgage ($14 million) and the thought that such a property could end up foreclosed is definitely shocking.

It seems that two other luxurious properties are in trouble at this point (24 East 21st Street, currently on the market for $4.2 million and 24 East 21st Street, with a “lis pendens” of $1.625 million and currently on the market for $2.8 million).

It’s highly unlikely that things will go so far but these situations definitely say a lot about how things currently stand when it comes to high end U.S. real estate.

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My name is Maurice Bedard, but most people call me Moe. I am the founder of America's #1 Mortgage Forum, LoanSafe.org, and also a website design firm called We Create Web Designs. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications. I currently live in Carlsbad, California with my beautiful wife and children.

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