USHUD.com Reviews Mega-Foreclosures: Versailles

USHUD.com reviews the most outrageous foreclosures here in our Feature series entitled “Mega-Foreclosures”

This article is a follow-up to a television show called “The Queen of Versailles” the show was filmed over the course of several years. At the end of filming the Queen and her wealthy husband were in a downward spiral. Today they are in a much better place.

David Siegal and his wife Jackie were once at the top of their game. The problem was the game they were playing was called “Stupid ways to spend money” which was all the range in the latter part of last century and the first 7 or 8 years of this century.

It was as if the 80’s had come back from the past to revisit its evils on us with the same temptations of train wreck like excess. (Can’t stand to watch it but can’t look away either) More car, clothes, you name it and someone was willing to sell you a matching pair of the only one in the world.

USHUD.com reviews the cycle that trapped them. The Siegals were highly leveraging their time share business when the real estate bubble burst. And the house of cards came tumbling down on everyone’s head.

Their heads were just bigger than most, sort of like 80’s hairstyles.

The house they were building they lovingly called Versailles as the french castle was their inspiration for creating the largest American residential property. At over 100,000 square feet it would in deed be large but before Being able to complete it, the bubble burst, the chickens came home to roost and their mansion was owned by the bank. Reports are that they bought it back and thank goodness for it because the home is a wonderful for all of us that enough can be too much.

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USHUD.com Reviews Mega-Foreclosures

In the heart of Arizona is a place that few people would expect to find a foreclosure. Built in 2002 this nearly 18,000 square foot Mega-Foreclosure is waiting for a smart home buyer to scoop it up. The home rests on the world-famous Biltmore Golf Course and features nine stately bedrooms, eleven bathrooms, a home theater that would make George Clooney green with envy, five fireplaces, a wine room and more features than can be listed in something so small as the internet.

The home is on Biltmore Estates Drive has been identified as one of the most attractive and desirable foreclosures in recent history. As USHUD.com reviews the specifications and amenities and as you can see by the photo above this is one very large hacienda with a courtyard that contains an oversized pool and built-in Jacuzzi. The terraces that surround the second story allow for easy exterior access from each of the eleven bedrooms. Homes of this stature don’t come on the market as commonly as more moderately priced homes simply because there are fewer of them. Homes in this price range are foreclosed upon and timing is key to finding one that you like when you are shopping for a 10 million dollar home.

As the USHUD.com review continues the home seems to have never been occupied and the builder was caught in the unfortunate position of holding on to a home that would not sell in a time when cash was more important than the lost profits that may have been realized if they had been able to eventually sell. Without doubt the future owner of this home will enjoy the blissfulness of the weather and the beauty of Arizona which this Mega-Foreclosure provides in generous proportions.

As always with our featured Mega-Foreclosures these homes are presented in order to illustrate that foreclosures are available in all price ranges and in some cases they are situated on one of the most beautiful golf courses in the world. Every neighborhood in every town and city, in every state has a home that is just a couple of mortgage payments from being handed back to the bank and as we all know banks are not designed to liquidate their assets they are designed to collect payments on a schedule that is reliable and predictable.

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USHUD.com Reviews Mega-Foreclosures: The Razor

USHUD.com reviews “The Razor” pictured above which could be referred to as inhabitable art without feeling as if the hyperbolic envelope had been pushed. The home rests on a hillside in sunny southern California in a town that makes Californians envious. La Jolla is the California enclave that this “Mega-Foreclosure” calls home. The home was once on the market for as high as $75 million and boasts one of the most panoramic views of the Pacific ocean of any home of any type.

When most people think of a foreclosure they think of chain link fence and barking dogs. But this house is one of the most beautiful homes anywhere in the world. And yes it is a foreclosure. It is being offered at a reduced price of 16 million dollars as a starting bid and is a real bargain at that price…if you are looking for a 75 million dollar home.

Reviewing the statistics of this 11,000 square foot Mega-Foreclosure is no easy task as it features a contemporary design which befits its name, four bedrooms, six full baths, two half baths, multiple fireplaces, an enormous heated pool, and an eight car temperature controlled garage. What is missing is not worth mentioning. This home has it all and some to spare. Yet it is a foreclosure and is part of our focus on Mega-Foreclosures covering truly stunning homes in order to underline the fact that foreclosures come in all shapes and sizes, prices ranges and locations.

When someone thinks foreclosure they don’t often think of homes like The Razor because they have been conditioned by real estate agents that are not familiar with foreclosures and therefore should not be asked about foreclosed homes. Foreclosures are their own special little niche of real estate and should not be confused with the conventional real estate market place. The professionals presented on this USHUD.com  have the experience and knowledge necessary to make buying a foreclosure as easy and as hassle free as possible.

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