Foreclosure and the Rich and Famous: Former McCain Mansion Up for
The foreclosure market does not really discriminate all that much, striking rich and poor, young and old alike in cities, in suburbs, and in the country. No one is immune, and we’ve reported previously on several properties owned by celebrities and politicians alike that have either gone into foreclosure or sold for less than what they were worth.
One former home of Senator John McCain and his millionaire wife Cindy is now on the foreclosure auction block at a foreclosure sale.
The $3.2 million property was sold for that amount by the McCains in 2006, right as the senator from Arizona began his 2008 presidential campaign. This property – Cindy McCain’s childhood home in Phoenix on Central Avenue – was one of the homes that were notorious for all being owned by the McCains during his presidential run, a sign of excess that was mocked by millions after an interview on the Tonight Show with Jay Leno.
Now, the home is priced at $3 million for a short sale after being fully renovated. If no buyer is found, the home is scheduled for August 15th.
The property sounds very comfortable, if a bit “unspectacular”, according to a writer from Architectural Digest. It has 11 bedrooms, 13 baths, a chef’s kitchen, several outdoor bars, and 12,000 square feet of total living space. This spacious accommodation comes at a price; due to extensive renovations, the current owner owes a total of $4.5 million.
What’s more is that an offer of $6 million was turned down in 2008.
This goes to show you that there are a multitude of opportunities in this economy, even with houses owned by the well-to-do. A mansion worth millions will now sell at a severe discount, and when the economy rebounds, it could make one investor quite wealthy.
The same can be applied to many other properties out there – giving any investor or homebuyer the potential to make out quite well, almost like a senator.