Foreclosure Real Estate Listings

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Saturday, August 4, 2012

First Foreclosure In 'America's Most Expensive Small Town': Realtor Set To Lose $12m Home in Hamptons j

Benjamin Ringel owes Bank of Smithtown more than $7.1 million after defaulting on mortgage in 2010
Sagaponack mansion boasts seven bedrooms, seven and a half bathrooms, four fireplaces, a pool, tennis court, boat house and jacuzzi
Median house price in 4.6sq mile village $4.4 million and collectively properties worth $4.2 billion
Auction slated for September

A $12 million mansion has become the first property to face foreclosure in the celebrity-filled Hamptons enclave of Sagaponack after its real estate developer owner failed to pay his mortgage.

Benjamin Ringel, president and CEO of Armstrong Realty Management, owes the Bank of Smithtown more than $7.1 million on the 10,670sqft property located on a three-acre expanse of the ultra-exclusive beachside resort, dubbed America's most expensive small town.

The bank foreclosed last month on the lavish Sagg Main St residence, which boasts seven bedrooms, seven and a half bathrooms, four fire places, a cabana boat house, a pool, a tennis court and a jacuzzi.
Foreclosure: Real-estate developer Benjamin Ringel is facing foreclosure on his $12 million Sagaponack mansion, pictured
The estate also comprises a second residence - a mid-century two bedroom, one bathroom home with 1,152Sqft of living space.

According to the Town of Southampton tax records, Mr Ringel, 41, and his wife Yael bought the luxury property - worth $12,479,500 - in the real estate company's name in 2007 for an undisclosed sum.

Court records show Smithtown went after the couple after they defaulted on their mortgage repayments in 2010.

Mr Ringel, a regular donor to both Democrat and Republican campaigns, didn't dispute missing the payments but said he 'misplaced' the mortgage commitment letter sent by the bank and only found it after the commitment period set by the bank had expired. Village clerk Rosemarie Winchell said the pricey village, popular with second home owners, had around 500 residents and the assessed value of properties in the 4.6sq mile town was a whopping $4.2 billion.

The median house price sits at $4.4 million, compared to $174,100 for homes in the U.S. generally.
Expensive: Sagaponack, pictured, has an assessed value of properties of $4.2 billion with the median house price $4.4 million
'This is the first foreclosure I am aware of in the village,' Ms Winchell said. She added that Mr Ringel was owing two years' property taxes, totalling $1,497.41 but paid up on July 16.
Lavish: The Sagg Main St residence, pictured, boasts seven bedrooms, seven and a half bathrooms, four fire places, a cabana boat house, a pool, a tennis court and a jacuzzi

'He is now current on his taxes,' she said.
The home is scheduled for a September auction after an August 27 date was postponed, according to The New York Post. But the family are fighting to hold on to the home. 'We expect this to be resolved,' Mr Ringel's lawyer Robert Calica told The Post. Sagaponack was named 'America's Most Expensive Small Town' by Bloomberg Businessweek for three years running.

Connecting the communities of East Hampton and Southampton in New York's Long Island, the town is a magnet for celebrities, with TV comedian Jimmy Fallon owning property there and Beyonce and Jay Z's $400,000-a-month summer rental located in nearby Water Mill.

Renco Group chairman Ira Rennert sparked controversy in 2004 when he built a 29-bedroom mansion, estimated to be worth more than $170 million, on a 63 acre estate in the town.
Mr Ringel did not return MailOnline's call for comment.
Read more: $12M Sagaponack house first property in Hamptons enclave to face foreclosure -
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