struuuuuth 25 million dollar forclosure

Yeah,

I saw this guy on one of those classy shows like Today Tonight recently saying his house was for sale. He mentioned how he'd been building his dream house but got carried away and had some major price blow outs. I think he was making the case to the mortgagee that they should stick with him for a bit longer because he'd be able to get the best price for the property, but I guess they've said times up and are moving in to auction it.

They profiled the guy and explained what line of business he was in, but I forget all of those details.

Cheers,
Michael.
 
hi all
I would love to see loan application and what the lvr was for the property and who brokered the deal
the income would have been 625k so at least it made some one happy.
wonder if it was a no doc loan.
the lender maybe on a low lvr and need to get its money back.
the boat could be a rental to sell the property.
similar to pads or furniture rental company.
was this a construct to hold.
at 25 mil bit of a gamble to flick.
interesting why its up for forclosure at these levels.
 
While it is certainly impressive, the photo taken in the living area is too much like a hotel lobby. Waaaaaay too "over the top" for me, but my boys would love it. They could play indoor soccer in the lounge room.

So.... whilst it is not my cuppa, I would not say no if someone gave it to me for Christmas :D:D

Wylie
 
I am incredibly important and have visited this property with dignitaries at a black tie affair for philanthropic reasons. I considered buying it but it doesn't suit my needs.

...just kidding, i was taking my cue from the replies on the blog :)

But if it's the place i'm thinking of, it belongs to a guy named Gary Chuck who moved up from Melbourne years ago.
 
See owning your own home is just not affordable, look at these poor battlers loosing their home.... ha ha ha ha

Greedy thats all I can say.
 
Novar, I'd be surprised if there were more'n a dozen in Oz who could think of it as "home".

Edit: That goose from HIH who would book two first class seats to London, one in the name of "Casey" and put his briefcase on it might have applied, 'cept he got busted! LOL
 
Apparently the owner has been building these Mega-Mansions for a while now with great success. This latest house of his has been for sale for about 1 year now I think & has been listed for sale with around 10 different real estate agents.

I'd expect it to sell for about half that amount - around $10-12 million if it's a bank sale.

One of the most prestigious homes in Cairns was a 3,300m2 luxury house built on 1 acre of absolute beachfront land at Kewarra Beach - owner did not go into receivership so it was not a forced or bank sale, but the house with the land price cost in excess of $15million - ended up selling for $5.5million!! An excellent buy when you consider the house was 1-2 years old with land value at $3.5m.
 
CairnsInvestor said:
...but the house with the land price cost in excess of $15million - ended up selling for $5.5million!! An excellent buy when you consider the house was 1-2 years old with land value at $3.5m.
Click to expand...

What did he do to spend over $10 million on the building??? I guess that's what you call overcapitalising? ;)

kaf
 
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