02/13/2006 Previous Sale recorded for $2,250,000. 06/23/2010 Listed by Corcoran at $2,950,000. 06/25/2010 Listing is no longer available. 07/13/2010 Re-listed by Corcoran. 07/13/2010 Price decreased by 4% to $2,825,000. 08/04/2010 Price decreased by 4% to $2,700,000. 10/25/2010 Listing entered contract. 02/15/2011 Sale recorded for $2,300,000. This looks straightforward, but it's not. Briefly, the... [more]
02/13/2006 Previous Sale recorded for $2,250,000.
06/23/2010 Listed by Corcoran at $2,950,000.
06/25/2010 Listing is no longer available.
07/13/2010 Re-listed by Corcoran.
07/13/2010 Price decreased by 4% to $2,825,000.
08/04/2010 Price decreased by 4% to $2,700,000.
10/25/2010 Listing entered contract.
02/15/2011 Sale recorded for $2,300,000.
This looks straightforward, but it's not. Briefly, the 2006 buyers took out a line of credit (not secured by the shares) to renovate. At some point the bank demanded a guarantor, so the husband's mother made herself liable for $700,000. Son and daughter-in-law then entered into an extremely long and acrimonious divorce proceeding. Son defaulted on the line of credit. Mom had to cough up $700,000+. Now there's $200,000-odd of equity left over from the 2011 sale, and the court held that since only the son signed the line of credit, Mom has no dibs on any of the $200,000. As with any contested divorce, that's the *short* story. For details, see http://decisions.courts.state.ny.us/fcas/fcas_docs/2011AUG/3001060722010001SCIV.pdf[less]
