A $50 Million Foreclosure

By now, the foreclosure crisis of the past few years is old news. And whether blame for it can be laid at the feet of greedy banks, poorly informed consumers, or some vast political conspiracy remains to be decided. The crisis means bargains for buyers and frustration for sellers, as bank-owned properties drag down comps. And perhaps the biggest bargain available right now stands just outside of Atlanta in the unfortunately named town of Cumming, Georgia. There, on 72 manicured acres, sits Le Reve, a 47,000 square foot (yes, forty seven thousand) house that cost over $50 million to build a few years back, and now sits, bank owned, ready to be snatched up for $16.5 million. A $33.5 million discount.

And what will that 16.5 million get the lucky bargain hunter? Have a look:

A cozy litle place to call home.

I hope there's a bar at the top of all those stairs.

Still not seeing a bar, but at least there's a pool halfway up to cool off in.

Some sort of ballroom. Really? Who needs a ballroom in their house. Perhaps the new owners can have their Zumba class over.

Of course there is a bowling alley, because, really, when you spend $50 million dollars on a house, you don't want to suffer the indignity of renting shoes at the local Bowl-a-Rama.

A rainforest was felled somewhere to create this closet.

I'm betting no Hamburger Helper was ever served in this dining room.

When the weather doesn't permit the use of the estate's outdoor golf course, there's an indoor golf simulator to help the new owners get their swing on. (Interestingly, I'm working with clients right now who are installing one of these--it's like a Nintendo Wii on steroids!)

More stairs. My glutes are stinging just looking at all the stairs in this place.

No need to head out to the local cineplex, Le Reve has it's own Blush and Bashful home theatre modeled after the Fox in downtown Atlanta.

The bedroom suites rival the finest hotels.

Another house-sized bedroom.

The house was built over a period of three years by Hubert and Norma Humphrey. Mr. Humphrey went from train conductor to gazillionaire by forming a marketing and mortgage conglomerate of some sort. He and the Missus hoisted the house on the market shortly after it was finished with an asking price of $45 million. No buyers were to be found, and after several price chops, the estate fell into foreclosure. Perhaps if the Humphreys had built a more modest home of, say, 20,000 square feet, they might have been able to stick around a little longer. 

No word where the Humphreys have decamped to now that the long arm of the bank has snatched back Le Reve, but they left all the furniture. That's right, Le Reve is offered fully furnished, so the lucky new owner need only bring their toothbrush (and a staff of 20) to call it home. (All photos taken from various listings of the property.)

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