Whoa! $19 Million Horse Farm Close To Foreclosure

Horizon Farms horse ranch is under the threat from bank

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    NEWSLETTERS

    Owners of the Horizon Farms estate in Barrington Hills are under the threat of foreclosure after a suit filed by Amcore Bank alleges their negligence to pay their hefty mortgage last month.

    Earlier, we posted a slideshow in this article, which included images of horses slaughtered in Miami, FL.  To clarify, those images are in no way related to Horizon Farm in Barrington Hills, IL.  We apologize to Horizon Farm for any confusion.

    We’re all feeling the pinch of the recession, but a $14.5 million mortgage? Forget a pinch, that’s a straight-up burn.

    Owners of the Horizon Farms estate in Barrington Hills are under the threat of foreclosure after a suit filed by Amcore Bank alleges their negligence to pay their hefty mortgage last month.

    But co-owner of the $19.3 million property, Meryl Squires Cannon, implies foul play between her family and the bank behind closed doors.

    The 400-acre Horizon Farms is one of the largest and most expensive pieces of property among the sprawling residences of Barrington Hills, according to The Daily Herald.

    “We have a big dispute with Amcore Bank and are trying to get this resolved," Cannon told the Daily Herald. "We were very surprised that they went ahead and took these measures."

    Cannon would not elaborate on the details of the dispute, but did say that the suit filed against her family was a result of Amcore's own, internal problems.

    Cannon claims that she and her husband Richard Cannon were building their own case against Amcore, but Amcore sued the Cannons before they had a chance to take legal action.

    But equestrians fear not. As the legal issues are pending, business at the horse farm will commence as usual without any expected functional setbacks.

    Cannon said that her attorney warned of the possibility that the suit could take years to be settled.

    Determined and prepared to fight, the Cannons are not unnerved by this possibility and are saddling up for the ride.