A gaudy lakefront mansion in the Chicago suburb of Highland Park has sold for 2.2M, or more than 75% cheaper than its original $8.93M ask. The property previously belonged to late Russian businessman Mikhail Katamanin, who passed away in 2009, leaving behind some $27M in debt, including some $7M owed to Atlantic City casinos. In light of those massive debts, the sale of this huge, and hugely ugly, mansion probably did little to satisfy creditors.
· Late Russian Tycoon's Lakefront Leftovers Get Rock Bottom Price of $2.2M [Curbed Chicago]
· Dead Russian businessman leaves behind a pile of debt, a battle for assets [Chicago Tribune]