England’s Most Expensive Home Facing Foreclosure

Published by Forbes Blogs on Wednesday, 13 July 2011 by Morgan Brennan
England’s most expensive home for sale has apparently just found a new owner: the bank. The lavish Updown Court in Windlesham, Surrey is in the process of being seized by the Ireland’s National Asset Management Agency (NAMA) after defaulting on a £50 million (or $80 million) mortgage note, reports the Daily Mail.

The loan was underwritten by Irish Nationwide, a bank that collapsed during the global financial crisis, and extended to the property’s developer, Leslie Allen-Vercoe of Rhymer Investments. When the bank went belly up many of its loans were assumed by the Irish government, which created NAMA in 2009, in response to the financial crisis. Now NAMA wants its mortgage money.

Allen-Vercoe, 67, when approached by the Daily Mail …

Tags: foreclosure, Irish Nationwide, luxury home, most expensive, NAMA, property, repossession

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