Mansion Foreclosure Sells For Less Than Land

An unfinished 15,000-square-foot home goes for less than the cost of the site

Outside a recently-sold Barrington Hills home

BARRINGTON HILLS
LIST $1.5 MILLION SALE $800,000

This 15,000-square-foot home in Barrington Hills sold as a foreclosure in October for less than what the former owners had paid for the site alone nine years earlier.

According to the Cook County Recorder of Deeds, the five-acre site went for $900,000 in July 2002. The new owner took out a series of mortgages, including a $6 million loan from George Washington Savings in Orland Park in mid-2007. (Some of that money may have been used to build other properties.) In November 2009, Washington began foreclosure on the loan, but after the bank was shut down, the FDIC assigned its assets to FirstMerit, an Ohio bank. In May 2011, FirstMerit listed the unfinished house with Scott Bohn, an agent for D’Aprile Properties. The sale closed October 27.

Send tips about home sales to dennis@rodkin.com.

 

Photograph: Dennis Rodkin

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