A California-based bank recently accepted a loss of more than $1 million during a short sale of a 16-room home in a western Naperville subdivision, Chicago Magazine reports.
The 5-bedroom, 11,000-square-foot home in Naperville's Ashwood Park had an estimated original cost of $2.717 million, but was sold for $1.05 million in a short sale - in which a property is sold for less than the amount owed by a borrower, Chicago Magazine reports.
Lender IndyMac accepted the loss and the Re/Max agent who handled the sale told Chicago Magazine the homeowners also lost a $700,000 down payment they made on the house.
According to listing information, estate taxes on the property were $52,889 in 2010. Amenities include an elevator, game room and theater.
Overall, recent reports show Naperville homes sold in the month of October represented a 43.4 percent increase over October 2011. However, the median price of homes sold in October ($380,000) was down 2.6 percent compared to the median price of homes sold in October 2011 ($390,000).
Two homes in the high-end Ashwood Park subdivision sold in August for $708,911 and $530,000, respectively, according to Trulia.
Listing prices for homes currently for sale in the subdivision range from $550,000 to $759,000, according to AOL Real Estate.
To read more, visit Chicago Magazine.