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This Lakefront Chateau Sold for Nearly $8 Million Less Than Its 2007 Price

Bought for more than $5 million in 2005, this Lake Forest house sold this spring for $3.6 million. It’s a bit less than the asking price six years ago: $11.495 million.

A recently sold house in Lake Forest

Photo: Courtesy of Coldwell Banker Residential
 

LAKE FOREST
Six years after a developer put it on the market at $11.495 million, this 15-room chateau on a 2.1-acre lakefront site sold in April for $3.6 million—a little over 31 percent of the 2007 asking price.

Milestone Development bought the house for $5.325 million in 2005 and then launched an extensive renovation. In 2009, Milestone was hit with a foreclosure notice, but the firm’s principal, Don Zordani, said the house was about to sell. It never did.

Last year, investors from San Diego bought the debt on it, according to Robin Lemer of Coldwell Banker. Lemer listed the house at $3.999 million in January for the investors. It sold in mid-April.

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