Bargains for Smart Buyers? The 9 Most Expensive Foreclosures on the Market

Aug 8, 2017

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“Foreclosure” is a word no homeowner ever wants to hear. However, for a home buyer, it can mean the opportunity to buy a luxury home—likely at a steep discount. We hate to bust out a cliché, but one person’s loss is another’s gain.

Once the bank takes custody of a foreclosed home, the property goes to the highest bidder in a bank-led auction and can be purchased below market value. Not every foreclosure is a bland tract home; there are places where you can buy multimillion-dollar bank-owned mansions.

To help bargain hunters with a taste for luxury, we’ve rounded up the nine most expensive foreclosures currently on the market.

And don’t feel bad about the circumstances. Despite the stigma associated with foreclosure, many luxury owners aren’t overwhelmed with guilt or sadness when the bank takes over. To these former owners, it’s a numbers game.

“Luxury owners view it as a business decision and not as much as a personal failure,” says Bruce Ailion, an Atlanta-based Realtor® and attorney.

So grab your paddle and scroll down to browse the most expensive foreclosed properties on the market.

1. 17470 Tramonto Dr, Pacific Palisades, CA

Price: $6,999,900
The deal: This 10,215-square-foot-home on a 0.61-acre lot has five bedrooms and six bathrooms. The property is just minutes from the famed Southern California beaches. If you’re more fortunate financially than the previous owner, the only things that will be underwater will be your feet in the Pacific Ocean.

2. 2466 N. Lakeview Ave., Chicago, IL

Price: $5,985,000
The deal: Even Chicago’s historic Wrigley Mansion isn’t immune to foreclosure. The 13,705-square-foot home boasts nine bedrooms, six bathrooms, and three half-baths. The main house features a solarium, wine bar, walk-in vault, butler’s pantry, game rooms, staff quarters, mahogany-paneled library, butler’s quarters, and a top-floor ballroom with views of Lincoln Park and Lake Michigan.

3. 10809 Wellworth Ave, Los Angeles, CA

Price: $3,895,000
The deal: This five-bedroom, six-bathroom home offers 5,118 square feet of living space. The house features a grand-scale family room that opens to a sunny breakfast area and a chef’s kitchen. The top floor has a private balcony, and the lower level comes with a media room, a gym, and an elevator.

4. 6311 El Montevideo, Rancho Santa Fe, CA

Price: $3,050,000
The deal: Take a look at this Spanish-style spread on 8,336 square feet of prime Southern California land. Amenities include two pools; a seven-car garage; exterior fireplaces; wine cellars; ebony, mahogany, and walnut floors; boxed beam ceilings; and a paneled office.

5. 16 Hacienda Rincon, Santa Fe, NM

Price: $3,049,900
The deal: This home in the Land of Enchantment boasts three bedrooms and multiple bathrooms in 9,550 square feet of living space. Granite and marble detailing run throughout the home, and for buyers who like to dance, the place comes with a ballroom.

6. 287 Cross Rd., Alamo, CA

Price: $2,698,000
The deal: Located in a city that’s home to big ballers like Steph Curry, this home features classic shutters and manicured shrubbery across a 0.75-acre lot. If you’re a sports fan looking to be star-struck, then you might want to pick this home up. That is, of course, if you have a bankroll to match.

7. 5750 Majestic View SE, Salem, OR

Price: $2,575,000
The deal: Enjoy this Pacific Northwest home with five bedrooms and four baths in 11,441 square feet of living space. The property features a brick exterior, brick interior inlays, and extensive landscaping.

8. 630 Ocean Ln, San Diego, CA

Price: $2,300,000
The deal: This 2,880-square-foot home with six bedrooms and six bathrooms is just steps from the Pacific Ocean. Enjoy the sound of crashing waves and ocean views in the self-proclaimed America’s Finest City.

9. 9810 E. Thompson Peak Pkwy, Unit 803, Scottsdale, AZ

Price: $2,250,000
The deal: What’s a luxury home without an adjoining golf course? This Arizona home sits right in the middle of one. Complete with granite countertops, alder cabinets, a wet bar, a wine cellar, and a Sub-Zero refrigerator, the home has everything you need to stay cool in the hot desert sun.