Asked $25 Million – Sold $3 Million.

Asked $25 Million – Sold $3 Million.

Asked $25 Million - Sold $3 Million.

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Remember the hard rock band, Slaughter? Remember their debut album, Stick it to Ya? We look at this piece of real estate a bank got stuck with and we can’t help but wonder if that is what the bank might be thinking these days. After they got stuck retrieving an $18 million loan for $3.1 million.

So looking at this 30,000 square foot Moorish, Mosqueish manse, just what were they thinking? It goes to prove the point that a few years ago banks were financing anything and everything without a sanity check. Obviously taste-specific in design, Villa Taj in Chicago, must have been constructed on a whim and without astute business acumen either on the part of the owners, and certainly not by the bank for financing.

Built for $18 million in the boom years of 2006 and 2007 by a dentist who owned about 10 dental clinics, it first went on the market at $26.5 million in 2009. In August of 2010, the price was dropped to $13 million. Seems there were no takers for a Moorish, Mosqueish manse. But it gets worse - a lot worse. In 2011, a pipe burst in the unoccupied house and over some weeks, deposited approximately six million gallons of water throughout. The damage was discovered by a real estate agent who was preparing to show the house. According to the local Pioneer Press, the only way to resolve the issue was to strip it down to the studs. The original owners bailed out leaving a mess for the lending bank.

Chicagoland 30,000 square foot Villa Taj could not find a buyer. Was also damaged by a huge water leak in 2011. Originally listed at $26.5 million, purchased by bank for $3.1 million, bath salts included.

Source: www.luxist.com