A recently sold house in Lake Forest

Photo: Courtesy of Coldwell Banker Residential

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.