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 - Get Report) 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.