One can find distressed listings and foreclosed houses by the thousands in California. Some people think that only the unemployed and low-income households fall victim to foreclosures, but this is not the case anymore, particularly in California. Recently, a famous baseball player felt the impact of the housing market crisis.
California is the home of celebrities and famous athletes and even they can fall prey to the housing industry problem. Thousands of properties owned by both the rich and the poor have fallen under Manhattan Beach foreclosure home listing and under other local area listings in the state. The claim that foreclosure does not discriminate has been proven true once again as the home of famous baseball star Lenny Dykstra got sold off in a foreclosure auction.
The Sherwood Country Club mansion of the former Philadelphia Phillies and New York Mets player was one of the California home foreclosures for sale offered at the Ventura County Courthouse recently. The property got a $760,712 top bid during the auction. According to reports, the house was purchased by Dykstra in 2007 for the price of $18.5 million.
A lot of people trying to find distressed listings and foreclosure properties in the state have reportedly shown interest in Dykstra's six-acre mansion. Prior to Dykstra's purchase in 2007, the property served as the home of hockey player Wayne Gretzky. The property is now in the hands of equity firm Index Investors.
Despite outbidding everyone at the foreclosure listings sales auction, Index Investors' Jeff Smith still faces some difficulties before he can completely takeover the property. Dykstra has reportedly filed for a Chapter 11 protection which eventually turned into a Chapter 7. Appliances and fixtures were reportedly removed from the property and the former baseball great has been said to have submitted a water damage insurance claim.
The mansion was first listed by Dykstra in 2008 with the selling price of $25 million. This has gone down recently to $10 million, but Smith believes that he can get over $14 million for the property after landscaping and renovations are completed. Despite the repairs, most market observers are of the opinion that the former Dykstra property is one of the best on offer to people trying to find distressed listings and foreclosure deals.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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