Foreclosures Affect Wealthy Families Too.

According to Chicago Crains the most expensive home sold in 2006  is pending foreclosure from its lender Amcore Bank in the amount of $16 million

The property is a 400 acre estate horse farm that includes a 10,000 SF home built in 1992 with guest and staff quarters, numerous barns and 1/2 mile race track. The property has a conservation easement that restricts any future development on the property to  8 additional homes.

The  property was sold to the current owner in 2006 in a sealed bid for $19 million dollars. This sale was the most expensive home sold in Illinois at that time.

According to Crains the foreclosure suit was filed by Amcore Bank when the homeowners failed to payoff their $14.5 million mortgage when it became due in May 2009. The owners have a counter suit against the bank.

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