Grab a hankie, maybe two: "....Not until now has one of those stories involved what author Michael Gross called 'the world's richest apartment building.'"
Property developer Kent Swig and his soon-to-be ex-wife Elizabeth are facing foreclosure on their apartment located at billionaire co-op 740 Park Avenue in New York City, the U.K.'s Daily Mail reports. The couple reportedly stopped making payments on two loans worth $16 million over 23 months ago. Real estate experts are stunned that the Swigs were ever allowed to borrow against the apartment, according to the Daily Mail, since it's in violation of the co-op's strict regulations.
Yet the Swigs are far from the first high-income Americans to be threatened by foreclosure, nor the most famous. Others afflicted include R&B singer R.Kelly, who stands to lose his Chicago mansion to foreclosure, and actor Burt Reynolds, who's $1.5 million behind on mortgage payments for his Hobe Sound, Florida estate….
Read more at http://www.huffingtonpost.com/2011/08/26/foreclosure-hits-property-developer-billionaire-building_n_937676.html
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