A Newport Coast Mansion Heading for Bankruptcy Auction
We like to believe that the real estate market has recovered because some Russian billionaire comes in to purchase an overpriced penthouse or estate. But the fact remains that there are many more multimillion dollar estates that are languishing on the real estate market and are unable to find buyers with deep pockets despite scaling down the asking price repeatedly. The owners of these properties are forced to take the listing off if they can afford to wait or they go in for non distressed real estate auctions. But there are several cases where the owners are unable to pay their loan or opt for bankruptcy. They have to forfeit their home in a foreclosure or liquidate the property in a bankruptcy fire sale. A Newport Coast Mansion Once Valued at $87 Million A Newport Coast, Calif. Estate which was known as Villa del Lago is a case in point. It is an unfinished Italianate Villa which was once valued at $87 million. It is now set to go for bankruptcy auction on April 26. It was...