Million Dollar Hamptons Mansion Caught In The Foreclosure Net

This summer has been the winter of despair for the million-dollar Hampton Mansion that has been caught in the foreclosure net. It is an 18,000 square foot wonder on Bridgehampton. Foreclosure has reduced its value from $27 million to a mere $19.5 million!

The mansion had been constructed by Burns Development on a sprawling 4 acres. It has hosted top shows like the Hamptons Designer Showhouse in 2006. It is an annul exercise wherein the latest trends in house designing and home decoration are highlighted. The mansion boasts of a pool, an elevator than can accommodate five persons and a unit known as ‘a flower –cutting room.’ As soon as the exhibition was over the mansion went into the market but ultimately came to be foreclosed towards the end of the year for lagging behind on a mortgage worth $4.4 million.

The Corcoran Group of New York holds the mortgage for this 8 bed roomed mansion with 9 and ½ bathrooms. Corcoran representatives were not available for comments. Jacob Benaroya is the president and manager of Biltmore Capital Group based in New York. He commented that of late the tentacles of foreclosure have caught many million-dollar-plus houses but not one is so grand and costly as Hamptons Mansion. Biltmore has no direct dealings with the mansion in question but the firm deals with other properties in the locality. He added that these special houses pose special problems when it comes to selling.

During the first quarter of 2008 banks initiated foreclosures against a record number of borrowers (12) in East Hampton and South Hampton according to New York Post. Among the other Hampton high-ended houses is the home of Janice Becker. His multi million-dollar estate on Wyandanch Lane is being foreclosed upon. Another giant in the advertising field, Ransel Potter is defaulting for $1.8 million mortgage on his unit. Previously it had been thought that the grime of foreclosures could never stain these exclusive properties. But the impossible has become possible. It proves that the wealthy too can be stupid while managing their wealth.

There is a feeling of vicarious pleasure among many who think that the Hampton rich lot deserves this foreclosure stigma. They walked in and made proud mansions emerge on fertile farm lands trading ridiculous fund raising parties and nothing more. The hope is that soon another wannabe will take this as an opportunity and snap it up for a song.

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