Foreclosures Playing Havoc with Price of Houses Whether Foreclosed or Not
Foreclosures are playing havoc with price of houses whether foreclosed or not withits domino effect. The bad apples are rotting all the other ones in the housing basket.Mansions are not being spared.
67 years old Larry Deans “Dean Gardens” standing on 32,000 square feet in Atlanta is not just a mansion – it’s a mega mansion. It took four years and $25 million to be built.It has been in the market for 17 years with an asking price of $40 million. It has recently been sold to entertainment king Tyler Perry for $7.6 million who is planning to demolish the building.
Dean Gardens is bigger than the replica of White House built in Atlanta. Its interior presents a combination of various styles – Egyptian, Italian Renaissance and modern Las Vegas. Those who have attended charity events nurse various opinion – some are amused while other are horrified.
It was mocked by Joan Rivers in a television slot “How’d you get so rich” focusing on a bed encircled by flower frame of pink and green. She gasped and said that it resembled a float in a parade. Bloggers have been highly critical of the self-indulgence and waste it had come to symbolize.
The house had been crafted lovingly by Larry Dean and his first wife Lydia who wanted to bring up their four kids in dynastic style. But soon after the couple divorced causing one person to write, “After seeing the inside of this house, it’s no wonder at all that they divorced. I can’t imagine anyone being happy living in that monstrosity. Perhaps they should turn it into a prison”.
Another wrote that it was an embarrassment to the people of Atlanta. Couple of years previously Atlanta was said to be her first city of America – perhaps Dean Gardens was the feather in the cap.
Broker Hank Miller of Georgia Realty opined that the real worth of the property is the land on which it stands – it being valued more than the structure. That is why the new owner would demolish the building.
Atlanta Fine Homes Sotheby’s International Realty sold the house after listing it in 2009. Its co-founder Jenny Pruitt said, “The luxury-home market has been hit very hard, and this was very special property”. Till now the selling price of this mansion has been the highest in Atlanta but much less than $11 million touched in 2009.
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