Miami

Scott Storch had the opportunity to see how is down and how is up. Unfortunately he didn’t manage to solve his financial problems, so he woke up with his Miami home foreclosed on as part of his financial meltdown.

The Villa Ferrari, Storch’s former 20,000 square-foot home on Palm Island has a 100 foot boat dock, 11 bedrooms, 15 bathrooms, 3 guest houses and two pools. SunTrust bank which held two mortgages worth a combined $7.75 million against the property, bought it back at auction for $5.5 million,although Storch had bought the home for $10.5 million, but it had been listed for $13.9 million.

The home has now a new owner in the person of Russ Weiner, the CEO of Rockstar Energy drink, who bought the property from SunTrust for $6.75 million.

Contact us if you prefer to avoid public exposure like Mr. Storch received.  We will conduct short sale on you distress property in privacy avoiding exposure to the media.

Category : Celebrities &Distressed Luxury Real Estate News &Headlines &Miami