A Connecticut home with Washington ties is currently listed as the most expensive private home for sale in the entire U.S., but it comes with a catch. Specifically, a $124 million catch.
Copper Beech Farm sits on 50 acres in Greenwich, a tony bedroom community of New York City. The estate includes a faux 19th-century French Victorian mansion, two private islands, a grass tennis court, a pool and a wine cellar. It's been listed since May for $190 million.
However, the property also includes $124 million in mortgage debt. One residential real estate industry observer commented that Copper Beech farm is "America's largest short sale." In 2011, the owner of the estate, who made his fortune in the Pacific Northwest lumber industry, sued his mortgage lender in Eastern District of Washington, alleging "predatory lending practices."
There are any number of conclusions that can be drawn from this situation, but one of the most apparent is that all people -- even those who once could afford an estate like Copper Beech Farm -- are experiencing financial difficulty. Although we are arguably out of the worst of the recession of 2008, for many, the financial fallout continues to linger.
If you are one of the many, many U.S. residents who are floundering financially, you should try to set aside some time to explore what debt relief options are available to you. Many people are under the erroneous impression that there is nothing that can be done to improve their situations.
The fact is, in many circumstances, there are legal avenues that may turn out to offer a great benefit. To be sure, there is rarely a "silver bullet" that will fix everything overnight, but the U.S. legal system does offer options that are often of great assistance.
Source: The Seattle Post-Intelligencer, "America's most expensive property has Wash. ties, $124 million in debt," Neil Vigdor, July 16, 2013