America’s Most Expensive Foreclosure?
Mention the word “foreclosure” and most homebuyers and investors conjure up images of run-down and dilapidated properties located in undesirable neighborhoods.
But now some of the most opulent estates are increasingly becoming available for savvy investors and homebuyers as a growing number of well-healed homeowners are defaulting on their mortgage payments and property taxes.
Consider Veronica Hearst’s Manalapan mansion.
If opulence and grandeur is what you desire, then you might consider buying Hearst’s former Manalapan estate. The mansion was foreclosed on February 25th on the Palm Beach County courthouse steps.
The widow of one of America’s richest publishing dynasties, Randolph Hearst, lost her battle to maintain the mansion under the crushing weight of an astounding $40 million in defaulting loans, according to the Palm Beach Post.
Forty million dollars, however, doesn’t seem like a bad deal when you consider that the stately Villa Venezio in Palm Beach, Fla. comes complete with a rich history and a bloodline too. Indeed, this sophisticate short sale has it all. Sitting on 3.5 glorious acres of beachfront property, this 32,000 square foot trophy mansion come complete with 52 rooms and 12 full bathrooms. It was originally built in 1929 for the grandson of Cornelius Vanderbilt.
It went back to the lender for a cool $22 million. Before you decide to shell out 22 million big ones, you should be aware that this once-in-a lifetime opportunity will also set you back $405,378 each year on property taxes alone.
Who said the foreclosures are only happening to poor people?