This extremely high-end property in Laguna Hills' Nellie Gail is a multi-million dollar home with just about every imaginable upgrade and luxury. There's a game room and underground wine cellar. The 360-degree views are pretty nice as well.
We also should probably mention it's in preforeclosure.
26192 Oroville Pl, 92653
Asking price: $6,599,000
Asking price/ sq ft: $574
Income requirement: You can't afford it
Purchase price: $5,325,000
Purchase date: 5/25/05
Size: 7 beds, 10 baths, 11,500 sq ft (built in 1986)
MLS: S510018 (242 days on Redfin)
Zillow Zestimate: $3,671,500
2007 property tax: $56,791
HOA dues: $80
Type: Single Family Residence
Stories: 3+ Levels
Lot size: 2.11 acres
From listing: Orange County Castle designed for grand scale living. This magnificent residence offers stunning views from nearly every room. A sweeping staircase on the 2nd level balcony leads to the turret with 360 degree views. Main residence encompasses a 12 seat theater, game room & subterranean wine celler. Guest quarters offers 2BR/2BA & full kitchen. The grounds include a tranquil stream with bridge, waterfalls & lush landscaping while showcasing the panoramic hillside & mountain views.
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They're asking $6.6 million and they can't spell wine "cellar" correctly? We're not even going to get into the grammatical errors.
The current owner bought the home in 2005 using 70% ($3,727,500) financing from Bank of America. Less than two weeks later, they got a loan for $1.8 million. That means they now had $5,527,500 worth of debt on a property they had just paid $5,325,000 for. Instant equity!
In February 2008 there was another lien added against the property for $1 million. That means, then, the asking price probably puts them close to, if not at, the break-even point for being able to get out with all their debts paid off.
The original loan received a notice of default in January for $149,508. The notice of trustee sale came in April, for $3,762,325. The second, $1.8 million loan received its notice of default in April for $123,193.
Before you get your hopes up of taking this one at a foreclosure auction, ForeclosureRadar.com shows three previous defaults on this property and three notice of trustee sales that were all eventually cured, so there is certainly a chance it will be redeemed.
If not, OC would have one heck of an REO on its hands.
Wednesday, June 18, 2008
An OC castle's dark side
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6 comments:
Someday the thought will dawn on these people that this is not a $6million dollar property. It's not even a $5 million dollar property. Everything sells - the question is at what price. Would love to know what this owner does for a living - besides not paying his mortgage.
Does this have an underground tunnel connecting it to Henry Nicholas' sex lair? Because that's the only reason I can think of to justify this TOTALLY WTF price.
There's a 1.5m listing one street over, for crying out loud.
I have been keeping track of this beast for about 3 years. At this point I can only guess that the past owners are are all DFILTI (Dumb Effing Immigrants Looking To Impress) from the middle east. I can't believe how much has been paid for this property in the past. It appeals to me because I have kids and an extended family living situation. The schools are unusable and I don't see a 11,500 sq. ft. house marketable to empty nesters. It has always been worth about 125.00 sq. ft. to me. It would be a huge expense to remove the "Let's pretend we are french $hit" from this house.
I've been tracking this one for a while as well and am continually surprised by the value. I actually know someone who lives on the same street and the house is so out of place. The other homes are beautiful, but this is so far over the top. The asking price has been and continues to be out of it's league.
What do you mean "WTF prices"? It's called FRAUD.
The owner of this property owns the car sterio/accessory company called Audiobahn in Buena Park.
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