NEW YORK (TheStreet) --It may be cold comfort for the still-too-sizeable number of Americans who took out a Countrywide Financialmortgage on a home now worth far less than they borrowed, but former Bank of America (BAC) Chairman and CEO Ken Lewis can (sort of) feel their pain.
Lewis has slashed the asking price on his four-bedroom Charlotte, N.C. home by $200,000 to $3.65 million on April 25, according to the listing on Zillow. This is the third time the home's price has been dropped, according to Zillow.
|Former Bank of America CEO Ken Lewis's house can be yours for a mere $3.65 million.|
The four bedroom, four and a half bathroom 1.27 acre estate, described in this listing as being in a gated community on a "very private lot," has been on the market since at least Feb. 2010, when it was offered at $4.5 million, according to The Charlotte Observer. Mecklenburg county tax assessors appraised the property at $2.68 million just over a year ago, up from their previous assessment of $1.87 million in 2006. The house is registered under the name of Lewis's wife, Donna.
Calls to Louise Paxton, the broker showing the house through a firm called CottinghamChalkHayes, were not returned.There is not a little irony to be found in Lewis's plight, since Bank of America's 2008 acquisition of Countrywide saddled the bank with what could ultimately add up to $30 billion in mortgage-related losses. The fiasco cost Lewis his job and his reputation, and very little is known of his activities since his retirement at the end of 2009. -- Written by Dan Freed in New York. Follow this writer on Twitter.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV