Spire Developer’s Gold Coast Home Faces Foreclosure

Bank of America N.A. filed a $12.02-million foreclosure suit on the 9,000-square-foot Georgian mansion owned by the developer of the failed Chicago Spire, Garrett Kelleher, Crain’s Chicago Business reported on August 25, 2011. In October 2010, Anglo Irish Bank filed a $77-million foreclosure suit against Kelleher’s Shelbourne Development group in regards to the failed Spire condominium project, a proposed 2,000-foot twisting tower at 400 N. Lake Shore Drive.

Seosaimh Partners L.P., a venture controlled by Kelleher, paid $8.5 million for the home on the 1400 block of Astor Street in March 2007. The venture took out a $10.8-million loan on the home from Bank of America in July 2008, Crain’s reported. Without being formally listed, the Gold Coast property was up for sale with an asking price of $16 million in January, but Crain’s said that a broker who toured Kelleher’s home when he listed it “several months ago” estimated the current value at between $10 million and $12 million.

When a resident in the affluent North Side neighborhood of Chicago needs foreclosure help , it seems clear that all of us are struggling through hard times. If you want to end creditor harassment and learn more about filing for an affordable bankruptcy now, contact our team of Chicago bankruptcy attorneys today.

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