One of the Real Housewives of Orange County's real-estate woes are over. For now, at least.The six-bedroom home Alexis Bellino shared with husband Jim and three young children sold for $3 million, a steep drop from November’s $5 million asking price, the Orange County Register reports.
Developments has chronicled the Bellinos’ near-foreclosure after they reportedly defaulted on the loan for their Newport Beach, Calif., mansion. That sent them spiraling toward foreclosure, but they were able to arrange a short sale, or selling the home for less than what’s owed, to avoid losing it to the lender. The Bellinos, who could not be reached for comment, have made it clear the drama is a business decision, not an indication of any financial woes.
The 4,200-square-foot home was purchased at the height of the real-estate frenzy, when it seemed values could only increase: It sold for $4.56 million in August 2007, a month after the county’s median home price struck an all-time high and then plunged 42%. The debt on the home has been reported at $4.7 million. Many Americans in similar positions are walking away from their homes.
Housing could easily be a main theme on the Orange County-based reality show — though the blonde, Botoxed stars seem more interested in shopping and cat fights. We’ve reported that newcomer Peggy Tanous’ home could be auctioned today, though such events are often delayed at the last minute. (The Register provided an interesting peek into the residence with everything from Versace china to a sword collection.)
Tamra Barney unloaded her 4,300-square-foot Tuscan-style mansion in a short sale last year. Jeana Keough used a loan mod to avoid foreclosure on her seven-bedroom, nine-bathroom home.
Credit: Wall Street Journal (Dawn Wotapka)