Bank buys $17M island mansion at bargain price

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Bank buys $17M island mansion at bargain price

By MICHAEL WELLES SHAPIRO mshapiro@islandpacket.com 843-706-8142
Published Wednesday, February 4, 2009 in The Island Packet  |  314 Words  |  news/local

One of Hilton Head Island's most expensive homes, once appraised at $17 million, was bought at a Beaufort County foreclosure auction by a bank Monday for a fraction of that amount.
After four years of trying to sell his mansion on Brams Point Road, Nickey Maxey said he couldn't afford to continue making hefty mortgage payments on the home.
"I basically lost $6 million by giving it back to the banks. We just got caught with too big a piece of real estate, and there just wasn't a way to sell," he said.
The home was bought at foreclosure auction by Liberty Savings Bank for about $4.2 million. Another $2 million was owed on a second mortgage that the bank will assume, bringing the total cost to about $6.2 million, according to James Wedgeworth, an island Realtor who served as the agent for the property.
Wedgeworth and Maxey tried to stave off the foreclosure through a private auction on Dec. 6, but no bids came in.
Wedgeworth said at the time that he hoped it would sell for more than $7.5 million, the most any Hilton Head home has sold for.
"It's a slow market for homes over $5 million," Wedgeworth said Tuesday, "but somebody's going to get a very good buy from the bank."
The 18,000-square-foot, eight-bedroom mansion at the tip of the Brams Point peninsula features unobstructed views of both Broad Creek and Calibogue Sound.
Maxey, a former Tennessee state trooper who made his fortune in the pay phone business, finished building the home in 2006.
It features indoor and outdoor pools, two kitchens, a 12-seat home theater, an elevator, and a master bathroom with a seven-head shower, whirlpool bath and steam shower. An indoor pistol range is behind a concealed doorway in the basement.
"Even in a slow market the house is worth more than $6.5 million," Wedgeworth said.