Foreclosure Mansion Fire Sales

By | December 2, 2009

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.