Foreclosed Mansion in Georgia Is a Peach

foreclosed mansionForeclosed mansions like this one don't come along every day. It's yours for $16.75 million, which may sound like a lot -- but not when you consider that its original value was around $50 million. Deidre Woollard of our sister site Luxist.com reports on the li'l ole Georgia estate that could be yours, or maybe an ultrarich friend's, for a fraction of its original home price.

Last month wementioned that Le Reve, the once $50 million estate for sale in Forsyth County, Georgia was in foreclosure. It has now had yet another price cut down to a new low of $16.75 million. Real estate agent Troy Stowe put it bluntly in a piece on WSOC-TV,saying "now, our new strategy is, the house needs to go." Thenew listingtrumpets the fact that the home has been reduced by $32 million as well as indicating that the home is now bank owned.

La Reve was the home of Hubert and Norma Humphrey who designed their lavish seven-bedroom home with a private bowling alley, its own golf course, a massage room and a huge movie theater that is a replica of Atlanta's Fox Theatre.


20 PHOTOS
More Photos of Georgia's Biggest Foreclosed Mansion
See Gallery
Foreclosed Mansion in Georgia Is a Peach
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE


Read more at Luxist.com.

For more on mortgages and related topics see these AOL Real Estateguides:
Read Full Story

Can't get enough real estate news?

Sign up for Finance Report by AOL and get everything from celebrity homes to renovation tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Find a home

Buy
Rent
Value
Powered by Zillow