Shakedown Shack Goes for $2.8 Million

Congratulations BofA, you now own a golden toilet

By Steve Bryant
|  Tuesday, Aug 18, 2009  |  Updated 4:06 PM CDT
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Rezko's Wilmette Mansion Sells for $2.8 Million

Chicago Sun-Times / Al Podgorski

Tony Rezko's Wilmette home sold for $2.8 million to bank of America.

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Rezko's Wilmette Mansion Sells for $2.8 Million

Tony Rezko's Wilmette mansion -- that stunning reminder of Chicago malfeasance the disgraced owner bought for $1.9 million in '99 -- has sold for a few hundred thousand less than analysts expected.
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And we have a...winnah?

Tony Rezko's Wilmette mansion -- that stunning reminder of Chicago malfeasance the disgraced owner bought for $1.9 million in '99 -- has sold for a few hundred thousand less than analysts expected.

The mansion went for $2,835,814 to Bank of America, which already held the $5.1 million loan Rezko took out to refinance the property...and install a golden toilet.

Wilmette residential brokers told Crain's they expected the property would go for $3 million to $4 million.

Bank of America was the only bidder for the shakedown shack, and they will likely put it up for sale. The put the house up for sale in the first place. Other potential bidders were present, but backed off when BofA's bid became the minimum bid, ostensibly because BofA is the plaintiff in the foreclosure case. 

Just to get in the door, attendees needed serious scratch, according to the Trib. They were obliged to show 25 percent of the minimum bid price -- in cash or certified funds.

The balance of the payment is due within 24 hours of the sale.

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