Garrett Kelleher, the developer of The Spire, has obviously seen better days. First, all he has to show for his Spire project is a massive hole in the ground and that is facing a $77 MM foreclosure suit. But now, according to a story in Crain’s yesterday, his personal residence at 1416 N Astor St is also in foreclosure . I guess even the super rich have their financial problems these days. That’s what happens when you live beyond your means.
The MLS indicates that Mr. Kelleher’s home was purchased for $8.5 MM (they were asking $10.5 MM) in March 2007. However, the recorder’s site indicates a purchase price of only $5.7 MM and shows the buyer as Seosaimh Partners. Nevertheless, the Bank of America mortgages totaled $8.5 MM. In other words, Garrett Kelleher put no money down! Then in August 2008 it looks like they refinanced the property for $10.8 MM. The current foreclosure lawsuit is for $12 MM according to Crain’s – also Bank of America.
From the MLS description at the time or original purchase:
HOUSE&PROPERTY OF RARE DISTINCTION. 1912 ARTHUR HEUN GEORGIAN MASTERPIECE W/TRIPLE LOT FRONTAGE & MAGNIFICENT ENGLISH GARDEN . SUPERB VINTAGE DTLS W/MODERN AMENITIES: 6B RS/6.1BAS. ZONED A/C. ELEGANT PANELED RMS W/PALLADIAN WINDOWS FACE PRIVATE COURTYD. LG NANNY/OFC SPACE. GARDEN RM & GREENHOUSE.4 CAR PARKING. TRULY A UNIQUE GOLD COAST OFFERING.
Here are a few factoids on the home as it existed then:
- 5 bedrooms
- 6 1/2 baths
- Lot size 75 x 110
- 8 fireplaces?!?!?!?!
- 4 car garage
- 10,284 square feet
According to the Crain’s article Mr. Kelleher spent “millions” renovating the property and then had it on the market for $16 MM in the January time frame. But it wasn’t listed on the MLS so he really hurt his chances of selling it at any price.