Mention the word “foreclosure” and most investors conjure up images of run-down and dilapidated properties located in undesirable neighborhoods.
But now some of the ritzy residences are increasingly falling into foreclosure. As more and more well-heeled homeowners default on their mortgages and property taxes, homebuyers can scoop up these tony trophy properties.
Consider these posh properties with all the grandeur and sophistication you deserve.
11000 South Ocean Blvd.
Manalapan, Fla. 33462
Auction Price: $40,000,000
If you think eight-figure foreclosures never happen — think again! In February, Veronica Hearst’s Manalapan trophy property — one of the most expensive foreclosures ever recorded — was sold at the Palm Beach County courthouse steps for an astounding $22 million.
Twenty two 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 too. Sitting on 3.5 glorious acres of beachfront property, this stately 32,000 square foot (approx.) trophy mansion — complete with 52-bedrooms and 12 full bathrooms — was originally built in 1929 for the grandson of Cornelius Vanderbilt.
19 Dennis Lane
Mission Viejo, CA 92694
Cur. List Price: $1,600,000
If an eight-figure foreclosure is out of your price range, maybe this Mission Viejo, Calif. bank-owned repo will fit your budget. This 4,500 square-foot (approx.) defaulting dream home — perched in the tony hills of Orange County — is a stately steal at $1.6 million. Loaded with all the accouterments blue bloods require, this equity-rich residence is luxury living at its best. But a jewel like this can vanish. So bring your check book, before the posh perks near the Pacific Ocean disappears.
6841 Derby Circle
Huntington Beach, CA 92648
Cur. List Price: $1,750,000
Here’s another seven figure foreclosure fit for a queen. Royals will revel at this distressed damsel near the beach. Located near the ritzy Seacliff Country Club in Huntington Beach, Calif., this double-decker chalet has five spacious bedrooms and lovely four baths. For a mere $1.7 million, you can spread out all your toys in this 4,300 square foot (approx.) repo.
39497 N. 104th Street
Scottsdale, AZ 85262
Cur. List Price: $1,250,000
If ocean breezes aren’t your thing, maybe this Arizona gem will fit your budget. Scottsdale, Ariz., is one of the most popular and exclusive desert communities in the nation. Here’s a bank-owned mountain escape that includes a $320,000 golf membership. Sitting on a palatial half acre lot, this 3,756 square foot (approx.) home offers breathtaking views of the city and mountains. But hurry, somebody will sink this little birdie if you don’t tee off soon.
16 Artisan Street
Ladera Ranch, CA 92694
Cur. List Price: $984,900
Still out of your price range? Maybe you can bag this magnificent mansion for six figures. For a mere $984,900 — about what Veronica Hearst’s pays for a European vacation — you could snag this Ladera Ranch mansion in the big, bad O.C. Be the first in your neighborhood to brag about how you stole this flamboyant foreclosure from the bank. This swanky short sale — perched in posh planned community — has all the bells and whistles needed to live the racy O.C. lifestyle that only the Housewife of Orange County can live. But this polished pad won’t last long. Honey, where’s the checkbook?
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