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Presenting America's Most Expensive Repossessed Property
When one hears of foreclosed real estate or its sibling REO (real estate owned) aka repossessed property, typically visions of dilapidated shacks in Detroit, Las Vegas, or the Inland Empire come to mind. And with the average foreclosed home selling at $182,489 according to RealtyTrac, this is understandable. However, such a vision would be wildly incorrect when talking about the property located at 188 Minna St., in San Francisco, which just happens to be America's most expensive bank-owned home. As MSNBC reports, the property in question is quite unlike any other REO out there: because "there's the waterfall in the foyer. And the 2,500-square-foot master bedroom with a hallway just for closets. And the 22-foot glass walls that look out on San Francisco's Arts District." And while we don't know who the original owner is who happens to have walked away on this mortgage, we know which bank got stuck with it. Who else, but Bank of America. Luckily for the bank which recently tested a 4 handle stock price, this property won't be stuck on its books generating zero cash. "According to San Francisco real estate blog SocketSite.com, lender Bank of America, which picked up the deed to the 20,000-square-foot penthouse in lieu of foreclosure back in July, just sold the condo. Listed at $35 million, 188 Minna St. was purchased for an eye-popping $28 million, making it the most expensive residential sale in the city's history." To be sure, whoever bought the REO from BAC likely got a good deal on it: "the bank's asking price is half of what the original owner, developer Victor MacFarlane, was seeking for the unit back in 2008, although he did slash the price to $49 million the following year." Which also means that Bank of America was likely largely was underwater on the "half off" sale, which also means a huge writedown on the paper value of the apartment. And one wonders why Bank of America trades at fractions of its book value.
Some more on the property:
Perched atop the St. Regis luxury residential tower, this six-bedroom, seven-bath (plus four half-baths) palace is practically a private hotel: There's a full gym with a sauna and steam room, 13-seat movie theater, 2,900 square feet of terrace space and parking for six cars.
There are no details on the buyer yet, but here's one parting thought: If the real estate agents involved earned a standard 6 percent commission on this deal, they'll pocket $2.1 million.
And for those curious to see just what a $28 million REO gets them, here are the pictures:
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Oh Yeah!
Clear title, or robosigned legal limbo title subject to clawback?
personally, i would never buy any real estate in san francisco.
EARTHQUAKE!!!
fuck that.
Rehypothecate that shit, bitchez
"EARTHQUAKE!!!"
LOL.. First thing I thought of was a lot of broken pottery and statuary.
..and where's the range?
lol...its got to be one of the ugliest buildings (inside & out) I've ever seen.
The architect, interior designer and money man must have been high on crack when they put this one together.
Yes, more like a business office than a home to live in.
Yeah, booty crack. Whenever you're talking designers, they're always gay, and their designs are always "cutting edge" Those cocksuckers know how to waste more of the customers money than even the architect. We had a customer once who just had to tell us that she and her designer were taking a late morning flight to New York to shop for bath towels. You can't hardly make this stuff up.
What's with all these upscale apartments with the stark Post Modern Industrial look? This place has the warmth and charm of an shopping mall. Has some nice views though. Too bad SF only gets 20 clear days per year.
Victor MacFarlane purchased the property (as an empty shell) in 2005 for $30M, and then did a multi-year, multi-million $$ renovation on it. The $70M and $50M offering prices were just pie-in-the-sky attempts to make millions on the property after it had been refurbished. In the end, not only did BAC not lose a dime, they made huge profits on the interest that was paid over 6 years. MacFarlane lost his original down payment, interest paid, and any renovation costs that exceeded $5M, which probably wasnt' much.
Max Fischer, Civis Mundi
I guess that explains the white paint with skid marks of color here & there...lol.
Somebody paid just $28 million.
Big deal if it were somebody else stolen money. Just look at Jon Corzine and his associates who got to spend more than $1,200,000,000 of MF Global customers stolen money.
Civil war.
Math is dead.
At $1000/foot and that's about as far maxed out as you can get it without literally having solid lapis lazuli sinks and solid gold faucets, we're talkin' $20 million. Where's the other fucking $15 million? That's a lot for location. It ain't Central Park.
There has too be an architect or builder here that wants to comment on this RIP.
Owner probably repurchased it from BAC at a discount.
Sorry. My backyard with a tractor parked in it is way cooler.
indeed, how would somone owning these feed thesmelves?
fuckign waste of money
A soft landing for America 40 years from now? Don’t bet on it. The demise of the United States as the global superpower could come far more quickly than anyone imagines. If Washington is dreaming of 2040 or 2050 as the end of the American Century, a more realistic assessment of domestic and global trends suggests that in 2025, just 15 years from now, it could all be over except for the shouting.
http://azizonomics.com/2011/12/22/the-deline-and-fall-of-the-american-empire/
40 years? 15 years? What the fuck are you smoking?
Next year sometime is more like it.
At best, 2018. The facade will come down in 2013.
What was the mortgage payment? $200K?
fucking waste of money indeed!
When I first saw the headline for this thread...Was thinking might be talking about The White House.!!
Anyway ZHrs, be safe n have a good holliday all..!!
How do they feed themselves? They don't actually have to. Call for room service from Vitrine. Voila. Been out of town for awhile and you don't want to come home to an empty fridge? Call the concierge and ask them to have someone fill it for you. Voila.
And if shit really hits the fan, I'm sure that anyone who could afford that penthouse can also afford a staffed farm in Chili or New Zealand or some other amazing place.
These folks live in a different sort of world. The St. Regis is really nice, I'm not sure why people feel the need to hate on it. Hell, I wouldn't mind living there if I could lol.
That place is butt ugly! I wouldn't pay two cents to live there. It would be like living in a frickin' office building.
Sheezus. Just bring your toothbrush and move right in.
Wow, only a 40% haircut? BAC got off cheap on this one......
It's nice ,but not 28 big nice. 49? Pffff
That's a good point; Room for a lot of people and probably looks much bigger in the pictures (They always do). But when you're expecting a a nice 49 it better be something out of the ordinary.
But in a sense it is extraordinary,just think how levered up the original note was ?
To bad I don't have 6 cars or otherwise I would have bought it.
If they took a cheque...
From a bank in Zimbabwe...
And in Zimbabwe dollars....
And no Helipad?!?
COME ON!!!
What is this? The 17th century?!?!
At one time I had more than 6 vehicles. I was a collector of Air cooled Volkswagen vehicles. I bought, sold, and traded them continuously for years. Then VW quit producing them and then for some stupid reason they became collectable for a few years. When the price for parts quadrupled overnight the fun was over. I sold my collection, parts, and tools when prices had peaked a couple of years into that idiocy.
Kind of hard to find a place up here with less than 6 vehicles.
Of course, only two are daily drivers (usually 10-15 years old), a plow truck, a couple of parts cars, that one you've been "meaning to fix for a while," and one or two that are parked for a friend/relative "temporarily" for a couple of years....
Maine ?
Hmm I wonder what fraction of a percent of the U.S. population knows where the UP is...I was just considering this earlier today while conversing with someone about growing money on trees.. :)
My avatar isn't quite a dead giveaway, as it's left off of a lot of maps, eh?
Mr. Ponzi will feel right at home in his new digs. I'm sure the prior Mr. Ponzi was greatly saddened when he had to move out.
This slide show will work for me, I am getting tired of explaining to people all the reasons why America is in trouble and that they should prepare for the worst.
Now I just have to show them this.
A flippin' dream house fer shure.
no swimming pool?
Each full bath has one.
All I see here is a bunch of man made stuff. Stuff. No people, experiences or nature, just stuff. So what.
looks great.
Victor Macfarlane was CAlPERS real estate advisor and was responsible for some huge losses including this turkey.
Definitely CALPERS jingle mail... So whats a 15 million dollar loss when your already in the hole about 3 TRILLION? LOL Cali is toast.
UGH that is pretty naff for all that dosh!!!!
Yeah but does it protects you against nuclear attack and zombies? Can you grow your own food? Can you hunt?
Didn't think so.
Why not? Hydroponics, and you can populate your bedrooms with midget pigs. Zombies? First they have to get on the top of the building, somebody will be victim before you. Do you have nuclear shelter on your property?
Doesn't everyone have a root cellar?
the whole my house is a freaking museum space concept bitchez is history.
It's in San Fransico ...is it Nancy Peloski-Trotskis house?
probably no Executive Bonus from her failure on the Super Committee and couldn't keep up the mortgage payments
Nancy must be sobbing tears into the leather seats of her taxpayer DC-SanFran commuter Lear Jet
here's a map of her district California’s 8th Congressional District & Map (CA-8) - GovTrack.us
nancy>congo>since 1987! as former House Speaker, she is the highest "ranking" woman in the history of US politics
wouldn't it be ironic if when TSHTF the motto of the forces for change becomes: "we've got to do something!"
And when the big one hits the Bay area and all that glass comes crashing down on you, I guess the 28 million dollars you paid really won't matter much... will it?
Great.
Enough room so you never have to see or speak to the loved ones you are living with. Including the 2500 square-foot master bedroom.
Actually maybe perfect for whatever russian oligarch (pure speculation on my part) bought it. He can install his whole family + mistress under one roof.
at first i thought they had to go w/ a panoramic photo approach to get the whole shower in! [2nd from last]
...then i realized those were some exceptionally clean shower doors...
For all its apparent slendor, it looks . . . boring. Where's the yard to play catch wth the kids, or the dog?
frame #11
That piece of crap xxx carved granite. It looks old so it must be valuable .
xxx translation 666 again.
Or the stupid 6's in the gameroom. The 666 bullshit is way over the top now.
Especially considering the real meaning of "666" in the Scriptures. In 1st AD Arabic spell the name "Nero Ceasar", the Roman Ceasar of that era when John the beloved apostle of Christ wrote Revelation (dated about 65AD). Asign numbers to each letter, add the numbers and the sum total = "666". 1st believers could not toss Nero's name around freely due to the obvious risks of being members of a group that could not and would not agree with Nero's self-proclaimed deification.
Also of possible interest to Bible students: many in the 1st C wrongly thought Nero died by a stab wound in battle. Later news announced that Nero's wounds healed and he survived (unfortunately for 1st C believers). John in Revelation mentions "...he who was stung and was dead but is raised to life..." (or similar), perfectly natural poetic/metaphorical language for 1st C Greek to describe Nero.
More ironic than the misuse/abuse/silliness of "666" as described above is the simple fact that all Scripture is fulfilled, meaning Jesus already came back (spiritually) in 70AD when Rome destroyed the Temple. There is no "end of time" in Scripture, but certainly is "the time of the end" which is the end of the Mosaic/Levitical era and ushering in of a "better covenant" of grace through Christ.
OT prophecy such as Malachi and the extra-biblical War Of The Jews (Jews wrongly translatted, the word Jew did not exist till 1775AD, should be "Hebrews" or "Israelites") by the Hebrew Josephus perfectly aligns with the Revelation (not Revelations plural) story of God's final judgement against physical Israel (the people).
Ohhhhhh Kaaaaaaay (backing away slowly)
at least JJ presented an argument. Walcott is latching on to the crazy train. Did you see the sixes?
Pier Shops at Caesars. $135 million dumped on BAC by Taubman. Assessed at about $50 million. I think Bank One purchased it from BAC.
Or are we only talking residential here?
No matter what anybody says that pad would get you laid like crazy!
in the top picture, you see a beautiful norCal sunset and to the right of the building, a kind of purple smog; i think that is san jose... L0L!!!
in about the 8th photo, we have the the divan & chairs w/ the nice tall library-like wooden wall on the right and--are those clay and ceramic pots up there? that invokes the popular local respose: "i wouldn't want to be sitiing there when the big one hits"
Best I can tell the background may be modified. If I'm correct, to the right is N and the background view is W toward Twin Peaks, the Pacific Ocean unseen beyond that about 6 miles distance.
I love this site!
Donald "mainstream" Trump vs. Ron "racist" Paul.
Wake the fuck up fox news! even you have a purpose!
Location is same as Old Fire Station 1, closed and relocated only 15 years ago...what a relic that thing was. even 35 years ago! Lotso bag ladies and self-medicating schizos back in the day at that corner! Bless em all.
Engine 1 regularly the busiest US Engine company, 30+ runs per day, the proverbial zoo.
I would like to fart into all of the sofas there.
With your username - wouldn't this be a great place for one of your soirees?
With your username - wouldn't this be a great place for one of your soirees?
Looks like an Orbitz hotel add, rating 4.8.
can we get a convoy together with marching bands in the back?
"Id fight shatner" http://www.youtube.com/watch?v=HoXevAtEhJY
Pelosi (the husband) vs. Boehner in a proxy IRS (idiots with guns) war might decide what her hymen was for.
-Sent from my Ipad.
hmmm the Obama crack up boom wealth bubble is about to go. That means US data will be sh*t there after...yes 2012 horror show begins
Everyone can hate it, HELL, I'LL TAKE IT.
I'm tacky, screw it, marble bathrooms with a view. Not bad.
Of course I'll never pay though.
For some reason I got a picture of a young joan collins sipping champagne on the sofa....and her sister. Too much dynasty I guess when I was young.
The property sold in 2005 for $22,768,500 to Jordonna Ferreira-Macfarlane mortgage was $17,500,000. Still showing on title as owned by Jordonna with a mortgage held by B of A. The assessed value is $6,000,000 for tax purposes.
The property sold in 2005 for $22,768,500 to Jordonna Ferreira-Macfarlane mortgage was $17,500,000. Still showing on title as owned by Jordonna with a mortgage held by B of A. The assessed value is $6,000,000 for tax purposes.
Just think, in 2006, a migrant strawberry picker could have taken out a mortgage on this....
property has never had a posted NOD in CA or a Trustee sale. Can you say deed in lieu. I was wrong the assessed value in total is $12M. The banks like to keep losses like this secret.
property has never had a posted NOD in CA or a Trustee sale. Can you say deed in lieu. I was wrong the assessed value in total is $12M. The banks like to keep losses like this secret.
Real estate agents. Now there's a scam if I ever saw one. Didn't have to do anything to sell properties while the bubble was inflating. And now, they can sell nothing while the bubble is deflating ... while using their "credentials" from the inflating period to justify their continued employment. Meanwhile, they still require 3% of the sales price as comission. I guess when homes are on the market for $0.00 and still not selling, they'll eventually find a new profession.
"Which also means that Bank of America was likely largely was underwater on the "half off" sale, which also means a huge writedown on the paper value of the apartment. And one wonders why Bank of America trades at fractions of its book value."
How many more like this? One can only imagine. That's why there is a concerted effort to keep BAC > $5 - that way the spotlight isn't turned on BAC.
At 9th photo down..
Aaaaaand scene:
Lou Mannheim: Bud... Bud I like you. Just remember something. Man looks in the abyss, there's nothing staring back at him. At that moment man finds his character. And that is what keeps him out of the abyss.
Bud Fox: I think I understand.
The sequel was such a let down - talk about Michael Douglas destroying his reputation.
"Just Walk Away" is very trendy now and makes exellent business sense in many cases.
Agreed, GhostIsland29 :-)
decor is schizophrenic, gotta be staged
"decor is schizophrenic, gotta be staged"
The "look" in #10 and #15 are pure shit.
Compared to the rest of it even!
The entire place needs a re-decorating party like this:
https://www.youtube.com/watch?v=4QZtywRfgN4
Where's my spray paint?.......LETS SKATE!!!!
You'd need some serious medication to live there for more than a few days. Some of the pics kind of remind me of Beetlejuice. And for the douche who said that place would get you laid...I'd rather get laid less somewhere else without the medication.
Boring
Wow 28 million a lot for a residential property. Perhaps when the real estate market totally collapse we can get it for 28K? :D