Sin City Exodus : Las Vegas Mansions Deserted As Foreclosure Pain Spreads To The Rich

April 26 (Bloomberg) – A growing number of high-end homes

are selling at a loss or facing repossession by lenders in Las Vegas,

which already has the highest rate of foreclosure filings among large U.S. cities.

The wave of defaults that began with subprime borrowers and the unemployed

has spread to upscale homeowners

who see no point of staying even if they can afford to.

Video here

Nicolas Cage, the Oscar-winning star of “Leaving Las Vegas,”

bought a seven-bedroom home with a panoramic view of the city’s casino-lined Strip in 2006 for $8.5 million.

By January 2010, it was in foreclosure.

The next owner, who property records show paid $4.2 million,

has put the house on the market for $7.9 million

– an “unrealistic” price, according to Zar Zanganeh, the broker handling the listing.

Read the rest here

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