Ex-Bank of America CEO McMansion Heads Toward Dollar Menu

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.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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