Even the wealthy are not imune from the growing wave of foreclosure activity. Business Week touches on some high profile celebrity foreclosures including Evander Holyfield, Jose Canseco and Ed McMahon. I am sure everyone will sleep better tonight knowing that Michael Jackson was saved from foreclosure on the Neverland Ranch because distressed debt investor Tom Barrack bought the $24 million loan.
Locally, the pricest bank-owned property is a home in the upscale Shadow Wood Preserve community listed for $699,000. This home sold for $1.53M back in 2006. Shadow Wood Preserve is a 440-acre gated golfing community of 300 homes ranging in price from $206,900 to $1.59M. Shadow Wood Preserve is located in Fort Myers on US 41, 2 miles south of Alico Road.
At the other end of the spectrum is a bank-owned home in the School View Homes Subdivision off Martin Luther King Blvd listed for $15,000.
It’s Not Just Ed McMahon [Business Week]
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