Those of you who’ve been following housing trends know that foreclosures have been spreading to some of the wealthier suburban parts of the state.
Well it looks like a multimillion-dollar home in one of Brookline’s most desirable neighborhoods was recently foreclosed on.
A 6,000-square-foot mansion at 375 Lee St., which is near Brookline’s Country Club, was foreclosed on by RBS Citizens earlier this month. The bank took back the home for $2.7 million, according to records from The Warren Group.
The home was built by David Geffen, who’s well known for developing upscale properties in Brookline and Newton. His firm built Red Sox owner Larry Lucchino’s home in Brookline about seven years ago. Geffen had been trying to sell the home for several years. I wrote about the Brookline’s luxury housing market back in 2004 when that particular home was on sale for just under $5 million. Last May, it was back on the market for $4.6 million even though foreclosure proceedings had been started on the property in November 2008.
Despite gains that the local housing market has seen recently, it looks like Geffen couldn’t sell his the home fast enough. It will be interesting to see how much the bank gets for the home …