There's taking a loss in the real estate market, and then there's this.
There's taking a loss in the real estate market, and then there's this -- the mountaintop property once considered the most expensive in the history of L.A. just sold for 10,000% less than asking price ... WTF?!
Long story short -- the investor didn't pay much back on the $45 million loan, so it ballooned to $200 MILLION with interest and fees. The Hughes estate foreclosed on the delinquent loan and auctioned off the property this week.
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