One West Bank foreclosed on this home in August, 2010, but it looked like they let the former owner try to re-coup some of his $2,500,000 down payment – because he had it listed last summer for $5,200,000. But things didn’t work out for him:
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Another good video. And another victory — ponzi owner booted. Good day in San Diego.
I read that it has a helipad.
Here’s what amazes me about this purchase in 2004:
This buyer could have bought a very nice home in RSF for around $3 million. With $2.5 million down, that would have been only about $500K loan. Over 6 years, the buyer probably could have paid off the loan. After all, the buyer must have been paying about $100K yearly interest payments on a $3.6 million loan.
So, it’s the difference between having nothing and owning a $3 million home outright.
He sure let go of that down payment easily. It makes you wonder….?
http://www.10news.com/news/28818623/detail.html
I’d bet it cost at least 150-200K to furnish a house that size. Nice to have money.