Big Foreclosure Hits Laguna Beach
The foreclosures are getting bigger and bigger. As Luxist tipster Delta Sierra let us know, the multimillion dollar foreclosures have come to the seaside town of Laguna Beach, California. The Laguna Beach Independent reports that Villa Mar Vista, a home once listed for $28 million was set to be auctioned off at the Santa Ana courthouse on March 11. A listing of the sale revealed that $15,137,411.73 was owed on the home, which appears to be unfinished.
No word yet on if this one sold but there may be more multimillion dollar auctions in the pipeline ahead for this community. I've been spending some time in Laguna Beach recently and I've observed that a lot of homes that are on the market have had for sale signs out for months. With spring buying season ramping up it will be interesting to see how things shake out.
UPDATE: This home is now back on the market for $22.95 million.