Here's One The Bailout Bought

$3 mil. construction loan. Didn’t even get a roof before the builder went under.

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The Banks should absorb this malpractice of Loans for something like that unless a guaranteed payback is established.

Linas, was that #3,000,000 at the stage it is at right now.
As big as it is, I would not be surprised.

Marcel :):smiley:

It just needs a little stucco !!

The construction loan was for $3 mil. to complete. I put it at 30% completed as is. Indoor pool for this home $95,000. When I first saw it I thought it was a church :slight_smile:

May be being built by another Jim and Tammy Baker!!! Good example of the insecurity of people…they have to do really outrageous things like have the biggest/the most/the best to feel they have arrived.

A book was written by a couple of shrinks/psychologists a few years back on the phenomenon of the recent rich…they are generally insecure and do this to prove to others that they are succesful.

Consumerism, greed and general disinterest are ruining our countries.

Linas, any idea as to how much money was dumped in this before the belly up of the builder.?

Just curious. So the Owner is stuck with no Builder, is that it?

Marcel :):smiley:

About 30% of $3 mil.
I just googled the owners name and found that he fired the original builder because more than 90 days lapsed between inspections and a new builder was hired back in 01/2007. They are arguing with the county over permit fee increases over $20,000. Home is… get this…40,959 s.f. !!!

That is unreal, who would want a house that big?

I still can’t imagine how they were planning to finish this building for a measly amount of $3 mil. Spent that much when I built the Boss’s house a few years ago and was about 4,000-5,000 s.q. ft…

Thanks Linas.
Must Build cheap in Illinois. :wink:

Marcel :):smiley:

Wow that is about 70 dollars a foot. There is no way to build such an upscale house for that amount. I would think that it would be more like 200 plus a foot.

Which burb is that in Linus?

That is the number I had in my head also Greg.

That is a big House.

Marcel :):smiley:

Yeah, I think that’s how the banks got into trouble, giving out loans for projects they did not research before granting monster loans. Then again I have seen $1 built on the borrowers personal funds before ever requesting any funds from the bank. Or here’s one that drew money for excavation and foundation work and look what we got:

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Hinsdale / Burr Ridge

Linus, they skipped a line item;

Grubbing and Clearing :wink:

Marcel :):smiley:


We both know as well as many others that the reason the builder went belly up is he took this job for way too little. $3,000,000.00 for this house. Maybe the the owners are putting up big cash out of pocket.

I can’t imagine building this monster for that.

They estimated it to be worth $15 mil. when completed. Article here

This one is at least finished, for $3 million…

Incredible Linas.

I wonder if the 30 year old was not exercizing his wealth a little too much on this one in such an Economy?

Some of those monies should of been dispersed to some of the employees that had a share in making him those monies. mho


You were right. It is a church, dedicated to the worship of Mammon.

Here’s one that tops them all…in rich India of all places!!! Heard about this in a radio spot a few months ago…We need a few more “French” revolutions, IMHO!! Read some of the comments under the article.