Emulating the Mainstream Media
It’s been a busy week in the real estate world. New bailout proposals surfaced. New loan limit limitations became clearer. Mortgage rates were on a roller coaster. I haven’t commented on any of it. I’ve been busy too, but I’ll have a bunch of new stuff this weekend.
Today, I’m going to take a page from the MSM and talk about the most important thing to happen in real estate this week. Michael Jackson saved Neverland Ranch from foreclosure. Though from the looks of it, there’s not too much to be saved.
Jackson hasn’t lived there since 2005, so some may question the financial prudence of saving a $24.5 million estate, one hasn’t set foot in for three years. I suppose Jackson’s action shows there is still some shame in being foreclosed on, despite other homeowners ruthlessly walking away.
One TV personality who didn’t save his home from foreclosure is local attorney Keith Barton. For those of you not in the Salt Lake market, Barton is one of those stereotypical, ambulance chasing attorneys with commercials constantly running. His motto is, “One call, that’s all.”
Apparently, Barton used his $14.9 million, 9 acre home with seven bedrooms in Alpine as collateral for a loan he couldn’t make good on. The lender foreclosed on the home and its furnishings. The mansion sold at auction for $7 million on January 20th.
Ice cream parlor