The exterior of the unfinished Italianate villa in Newport Beach, California, is seen in this handout photo released to the media on April 12, 2012. Source: Auction.com via Bloomberg
Bankrupt Agent’s $87 Million Estate Goes on Auction Block -- Bloomberg
A bankrupt real estate agent’s hilltop mansion, conceived during Southern California’s property boom and once given an estimated value of $87 million, is going up for auction after failing to sell for two years.
The unfinished Italianate villa on 12.5 acres (5.1 hectares) in Newport Beach comes with a man-made lake, horse stables, vineyard, tennis court, 17-car garage and views of the Pacific Ocean and Santa Ana Mountains, Auction.com said today in a statement. The property is being marketed by the Irvine, California-based company at the request of debtors after an unsuccessful listing at $37 million.
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My Comment: Wow .... talk about a financial hit.
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