There's taking a loss in the real estate market, and then there's this.
There's taking a loss in the real estate market, and then there's this -- the mountaintop property once considered the most expensive in the history of L.A. just sold for 10,000% less than asking price ... WTF?!
Long story short -- the investor didn't pay much back on the $45 million loan, so it ballooned to $200 MILLION with interest and fees. The Hughes estate foreclosed on the delinquent loan and auctioned off the property this week.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
America’s Priciest Listing Sells at Foreclosure AuctionOnce asking $1 billion, The Mountain in Beverly Hills sold to its lender for $100,000–far less than the $200 million said to be outstanding on the property.
Read more »
Germany sells nearly $1 billion of 30-year negative yielding bondsGermany sold 30-year bonds at a negative yield for the first time, in another sign of how investors’ desperation for safe assets is inflating their value.
Read more »
Rihanna Went on a Wine and Cheese Date With Her Billionaire Boyfriend Hassan JameelWhen out to dinner in Beverly Hills...
Read more »
Rihanna Went on a Wine and Cheese Date With Her Billionaire Boyfriend Hassan JameelWhen out to dinner in Beverly Hills...
Read more »
Once listed for $1 billion. Sold for $100,000. What just happened?After listing for $1 billion last year, a 157-acre Beverly Hills property called the Mountain has sold at foreclosure auction for $100,000 to the estate of Herbalife founder Mark Hughes, the property's previous owner.
Read more »
Dr. Dre unloads longtime Woodland Hills home for $4.5 millionDr. Dre has sold his longtime home - a French country-style manor with an open-concept floor plan, two kitchens, a 250-bottle wine cellar and a red-clad movie theater.
Read more »