Wednesday, December 16, 2009

The Biggest Real Estate Flops of 2009

Unlike Cage, Madoff is at least assured a home once all his property is sold. From the cozy confines of his federal prison cell in Butner, N.C., Madoff watched as his creditors got $9.41 million from the sale of his Montauk, N.Y., home in October. That was more than the $8.75 million asking price, but it falls short of repaying the $65 million he took (never mind the more than $21 billion in investor losses).

SHOOT: Amazing how you can have so much one moment and less than nothing the next.
clipped from

Locations: New Orleans; Bel Air, Calif.; Rhode Island; New York; the Bahamas; Bath, England

When you're more than $6 million in the red and forced to unload nearly every home you own, suddenly a starring role in The Bad Lieutenant: Port of Call New Orleans doesn't look so bad. Even if it's the business manager's fault, as Cage claims, his homes have been moving like items in a Wal-Mart (WMT) pre-holiday sale -- quickly and cheaply. His two homes in "port of call" New Orleans were appraised at $3.7 million and $3.45 million, but only fetched $4.5 million combined at a foreclosure auction last month. Meanwhile, his Bel Air mansion was on the market for $35 million before its price was dropped to $17.5 million. It sold for an estimated $15 million. His $9 million apartment in New York fetched $7 million, and he still may need to sell his $8 million castle in Bath, his $12 million home in Rhode Island and his $9.49 million home in Las Vegas just to make ends meet.
 blog it

No comments: