Real Estate

This newly built Hamptons mansion faces foreclosure

A newly built Southampton house that’s on the market for $14.98 million is going through foreclosure after allegations that the house owners defaulted on their mortgage and now owe $6.9 million.

An nameless Cayman Islands company, Blue Sky Ltd., is pursuing the foreclosure in federal courtroom along with the UCC sale to guarantee that they receives a commission, based on the Real Deal.

Court paperwork allege that Mark and Nicole Gallagher of Port Jefferson Station defaulted on their mortgage on Oct. 1, 2021, citing a number of judgments and tax liens.

The two bought the land for $1.02 million in 2017. The house was accomplished by 2021.

The house initially listed on the market in Feb. 2021 for $18 million.

If profitable, Blue Sky Ltd. will take possession of the six-bedroom, eight-bathroom property, situated at 145 Wickapogue Rd., which spans 10,000 sq. toes.

The home spans 10,000 square feet.
The house spans 10,000 sq. toes.
Nest Seekers International
The two-story foyer.
The two-story lobby.
Nest Seekers International
The great room.
The nice room.
Nest Seekers International

The Cap Cod-style house comes with an expansive Gunite pool with a spa and sundeck, a wine cellar, a therapeutic massage and sauna room, a theater and a gymnasium.

While the loans stay in default, rates of interest skyrocket to a whopping 24%. The mortgage was offered a number of occasions earlier than touchdown within the palms of Blue Sky, TRD stated.

The Gallaghers are actually in a race to promote the house earlier than the UCC sale, which is anticipated to happen on Jan. 12. Potential consumers have till Jan. 10 to submit a bid.

The kitchen.
The kitchen.
Nest Seekers International
The massage room and wine cellar.
The therapeutic massage room and wine cellar.
Nest Seekers International

Other options embrace an elevator, floor-to-ceiling home windows, a two-story lobby and a gourmand kitchen with stone counter tops.

Shawn Elliott, head of the ultra-luxury division at Nest Seekers International, has the itemizing.

Southampton has a few of the priciest houses within the nation.

This summer season alone, 1116 Meadow Lane offered for $48 million. Down the highway, 1730 Meadow Lane hit the market for $46 million.

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