Booted Citi CEO Prince Can't Sell Greenwich Mansion

Bloomberg: Former Citigroup Inc. Chief Executive Officer Charles O. “Chuck” Prince III lost his job because of the housing slump. Now he’s having a hard time selling his home.

Prince’s five-bedroom Tudor-style house in Greenwich, Connecticut, has been on the market for six months. He has cut the price by $300,000 to $5.85 million, according to the property listing.

The housing recession has hit the bedroom communities that Wall Street favours most. The median home price fell 8.1 per cent in Greenwich in the first quarter from a year earlier. Declines were as much as 25 per cent in 14 of 19 wealthy Manhattan suburbs in Connecticut, New Jersey and Westchester County, New York, since the start of the year, according to a Bloomberg survey of brokers and multiple listing services. The drop shows that 83,000 job cuts and $393 billion of mortgage-related losses and asset writedowns at financial firms are damaging even the most expensive U.S. real estate markets.

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Listing (with photos) here

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