The most expensive REO (real estate owned – by the bank) just sold in San Francisco for an incredible $28,000,000. The bank had listed it for $35 million.
According to MSNBC, the listing agents spent $500,000 to stage the home. I’m not sure that they picked up that tab or if the bank did.
Below is a photo from Sotheby’s International Realty:
For another view point on this foreclosure, be sure to read Zerohedge’s take on this one. Bank of America was the bank stuck with the property.