Foreclosed Lake Norman mansion price cut to $5.9M

Foreclosed Lake Norman mansion price cut to $5.9M

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by NewsChannel 36 Staff

WCNC.com

Posted on January 25, 2012 at 5:00 PM

Updated Thursday, Jan 26 at 5:42 PM

CHARLOTTE, N.C. -- A foreclosed mansion on the shores of Lake Norman is no longer the most expensive real estate listing in the area.

The bank that owns the house made a huge price reduction of more than $2 million on Tuesday.

The home, called Chatuea Lyon, took more than $22 million to build and sits on two lots in the gated Alexander Island neighborhood on Lake Norman.

It was previously listed at $8 million.  Now it is a bargain at $5.9 million.

The broker who has the listing said there's been a lot of interest, but so far no offers, so the bank decided to make a drastic reduction in price.

“We still have had long interest. But BB&T is ready to sell that property. We’d love to get it off the books,” said Debbie Monroe, Broker with Lake Norman Realty.

The home was built by the former owners of Boyle's Furniture.

It’s customary for banks to slowly reduce the price of a foreclosure.

“Most banks would just whittle away at it and in this case, they just did it all at once,” she said. 

The home, completed in 2009, has 500 feet of shoreline on the Iredell County side of the lake.  Inside the home are features like heated floors, 13-foot hand painted panels, French doors and nearly 9,000 square feet of living space.

A bath tub in the home cost $65,000 alone.

“We’ve had a lot of interest, but nothing in writing at this time,” Monroe added.

See inside the home here.
 

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