John McCain and his wife Cindy lived in a very “comfortable” home according to Architectural Digest before McCain sold his Phoenix home for $3.2 million and relocated to a penthouse. The home was definitely short of spectacular; however, thanks to the renovations of the home’s current owner,Jane Popple, the home is immaculate and incredibly spacious.
The home, which Cindy grew up in, was sold by the couple in 2006 – the prime time to sell a house and directly before the “crash.” As a result, the McCains got a nice settlement for the property. However, investor Jane Popple did not get the good end of the stick in this deal when she made the purchase as the home is now set to hit the auction floor on August 15 due to foreclosure.
But what, exactly, led to the tumble of this former McCain home? Simple – an investment decision made with horrible timing.
Popple made a significant investment to the property to turn the home from “unspectacular” yet “comfortable” to amazing—renovations that were definitely not inexpensive. Adding approximately 4,000 square-feet, the home was extended to 11 bedrooms and 13 bathrooms and now stands complete with a new high-class kitchen. As a result, Popple no longer only owes $3.2 million on the home, but instead owes a steep $4.5 million due to the cost of renovations.
Ideally, this would have been a fantastic investment for Popple if the market would have remained stable. She would have been able to make the extensive renovations and put the home back on the market and get an incredible return on the investment. Not only does the home have a connection to the McCain family; the home has also become spectacular.
Unfortunately for Popple, the market took a turn for the worst and left her with $4.5 million of debt and little hope of selling the property for even what she owes. As a result, she is now staring foreclosure in the face with a set date of August 15th for the auction.
The home will likely sell for much less than Popple herself paid for the property, providing an absolutely stunning house for a fraction of the original asking price, which was at one point $12 million.
One thing is certain–there is a surplus of properties on the market that provide exceptional investment opportunities for those with the money and patience to wait for the market to turn around. This former McCain home is among one of the great investment opportunities that are out there right now. High-end investor? Here’s your chance.
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