If you think foreclosures only happen in the middle class, $100-250K housing market, think again.
There’s a $19.5 million dollar home located in the very well known Hampton’s that’s gone into foreclosure. The home which sits on 4 acres of land features 18,000 square feet, a 5-person elevator, a ‘flower cutting’ room, 8 bedrooms and 9 1/2 bathrooms.
My favorite line from the story is by Jacob Benaroya, president and managing partner of Biltmore Capital Group, a New York-based firm that purchases problem loans from mortgage lenders. He said, “These high-end areas were thought to be immune to foreclosures…but we’ve now seen that being wealthy doesn’t preclude you from being stupid with your money.â€
Check out this video tour of the absolutely amazing property:
Read the full story HERE.
