Allen Iverson’s mansion in foreclosure in Buell Mansion of Cherry Hills Village
The Arapahoe county Public Trustee has started foreclosure on behalf of Wells Fargo bank on Allen Iverson’s mansion in the exclusive neighborhood of Buell Mansion. When he was with the Denver Nuggets, he bought the home in a Trust for $3,875,000 using a conventional loan of $2,500,000, at an adjustable interest rate of 7.65%. This would have been a monthly Principle and Interest payment of $17,737.86.
The home loan is set to be sold at auction on June 29, 2011, unless he cures the loan of its back payments. The loan has increased to $2,572,914, plus attorney costs and court costs. He does have the home currently under contract, and the last known price is $2,850,000, 1 million dollars less than he paid 3 years ago. Yearly taxes are $30,332 and the monthly HOA dues are $489.
It is also interesting to note that in the Buell Mansion subdivision, all million dollar homes, there have been 8 homes over the last 10 years go thru complete foreclosure and sold at the” court house steps”. Currently there are 5 homes that the lenders have started foreclosure proceedings. If anyone has some cash to invest, we can go house hunting in the exclusive neighborhood of Buell Mansion.
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