Repossessed Riches
First, the poor folks got foreclosed.
Now, the rich are being repossessed by the fallout of the financial crisis.
Today, the Los Angeles Times reports that the ritzy St. Regis Monarch Beach resort in tony Dana Point is headed to the foreclosure auction block. The owners of the Orange County resort have defaulted on a $70 million loan, and that could send the swanky resort into the arms of the repo man.
St. Regis, which caters to wealthy travelers and well-heeled executives, is the latest in a string of posh properties clobbered by the credit crisis.
In March, the 60-story John Hancock Tower — Boston’s tallest skyscraper — sold at a foreclosure auction for $660 million, according to the New York Times.
Next month, the 33-story Equitable Building in downtown Atlanta is slated to be auctioned to the highest bidder, the Atlanta Journal Constitution said.
As the foreclosure crisis deepens, we are sure to see more flashy foreclosure in the months ahead. And RealtyTrac will keep you informed of the latest high-end foreclosures.