Going, going, gone

Submitted by VT on Tue, 07/28/2009 - 12:39.

Just when you think there might be some kind of normalcy returning to the financial markets, just when you thought that real estate, Vineyard real estate, might finally be coming back down to a lower Earth orbit, a $5-million dollar house goes off at a foreclosure auction for $3.9.
The auction was followed by CNBC for a segment that might have been called, People With This Much Money Are Still Crazy. The anchors say that this is more evidence that the wealthy are not immune. While the reports does not give a location for the home it does explain that the home was owned by a builder before the bank took it over.

One note of interest, if you watch the segment on YouTube, is that the buyer was bidding against who the bank that owned it. What? The final price, according to the report, was just over $3.9 plus $28,000 in unpaid taxes. Oh, so that means it was in West Tisbury.

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