One of the symbols of wealth to be foreclosed

The Novi palace, one of Metro Detroit’s symbol of wealth gained a few days before entering foreclosure. The 13,777 square foot mansion includes a steam room, a bowling alley, wine vault. Outside: $5 million worth of landscaped waterfalls, a pool with a 60-foot-long water slide and a par three golf hole. The auction planned for today is postponed for unclear reasons.

The owner, Rich Morgan, known as a the entrepreneur who built an empire of laser hair removal clinics, bought the mansion 3 years ago for only $9.5 million. After investing another $8.5 to build the house, the property now worth around $25 million according to some real estate officials.

Although this property is the symbol of wealth, it seems to be too expensive for this period, because Rich Morgan was the second owner in 2 years. After buying the mansion, Rich Morgan faced multiple financial problems. Farmington Hills law firm Trott & Trott said Morgan and his wife defaulted on the mortgage with more than $3.07 million in debt. In addition, Rich owes $199,763 in delinquent property taxes and has tax liens filings against him is four states, cumulating a total of $574,986, according to public records.

The opening bid is the amount the owner owes the lenders and usually the home becomes the property of the lender. In the Rich Morgan case he could redeem the home within 180 days by paying the same amount as the top bid. However, this is a tough time for a more than $10 million property to hit the market.

Category : Celebrities &Distressed Luxury Real Estate News &Headlines