A record has been set for the sale of the most expensive bank-owned residence in US property history after a luxurious repossessed condo recently sold for $28 million.
The penthouse property in the exclusive Arts District of San Francisco was seized by the lender, Bank of America, six months ago after the unnamed owner was unable to avoid foreclosure. It was originally listed for $35 million.
The new owner will enjoy a host of impressive features including spectacular views across San Francisco, a foyer with its own waterfall and a 2,500 square foot master suite.
According to current estimates, millions of Americans have been unable to keep up with mortgage repayments since the collapse of the US real estate markets. Over 4 million homes have to date been repossessed by lenders. The average foreclosure home sells for around $182,490.
There will be a host of American exhibitors at A Place in the Sun Live, as well as a dedicated Florida Pavilion bringing together agents, developers and experts from the sunshine state. The exhibition takes place at between the 30th of March- 1st of April 2012 at London Earls Court.
Advance tickets are available to book now, priced at two for £15 and include a FREE six-month subscription to A Place in the Sun magazine.